Veritas rises on strong 4Q, stock split, upgrades

Veritas Software Corp. (Nasdaq: VRTS) gained 5 percent Friday after it topped analysts' estimates and announced a 3-for-2 stock split. Analysts also raised their ratings on the stock.

Shares in the developer of storage management software rose 8 1/8 to 165 7/8.

The company reported Thursday fourth quarter net income was $50.7 million, or 18 cents a share, on record sales of $226.2 million. First Call consensus expected to earn 15 cents a share.

The stock got an upgraded to the "recommended list" from "market outperform" by Goldman Sachs analyst Richard Sherlund. The stock was reiterated as a "buy" by C.E. Unterberg Towbin analyst Paul Rodriguez, who raised its 12-month price target to $200 a share.

Credit Suisse First Boston analyst Wendell Laidley reiterated a "strong buy" rating on the stock and cited "terrific license revenue combined with tight expense control," which drove up operating margins, and "impressive large deal volumes," in its decision to raise 2000 earnings estimates to 74 cents a share -- 65 cents a share.