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Tech Industry

Axent Technologies gets mileage out of upgrade

    Axent Technologies shares moved up 1 11/16, or 10 percent, to 19 1/16 Wednesday after Friedman Billings upgraded the Internet security software maker.

    The brokerage firm boosted Axent (Nasdaq: AXNT) from an "accumulate" rating to a "buy."

    In the fourth quarter, Axent posted a profit of $3.3 million, or 12 cents a share, on sales of $36.4 million.

    Last week, Josephthal & Co. cut the stock from a "buy" recommendation to a "hold."

    First Call consensus expects it to earn 1 cent a share in its first quarter and 33 cents a share in the fiscal year.

    Its shares moved up to a 52-week high of 33 in March after falling to a low of 7 11/16 in April.

    Eight of the 12 analysts tracking the stock maintain either a "buy" or "strong buy" recommendation.