Upgrade boosts Verity shares

Jan. 2, 2002 4:43 p.m. PT

Internet software developer Verity Inc. (Nasdaq: VRTY) shot up 3 1/8, or 10 percent, to 36 Thursday after SoundView Technology Group raised its rating from a "buy" to a "strong buy."

Following the upgrade, all five analysts tracking Verity rate the stock a "strong buy."

Last quarter, Verity easily beat analysts' estimates in its third quarter, earning $3.5 million, or 24 cents a share, on sales of $16.7 million.

First Call consensus pegs it for a profit of 25 cents a share in its fourth quarter and 76 cents a share for the fiscal year.

The stock surged to a 52-week high of 44 3/4 in March after falling to a low of 5 1/16 in August.