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Shares of Advent Software jump after upgrade on 1Q results

By Associated Press
May 6, 2008 | Comments (0)

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Advent Software Inc.'s strong first-quarter results led an analyst to boost his rating Tuesday, and shares of the investment-management software maker jumped.

The stock rose $3.48, or 9.4 percent, to $40.61.

Needham & Co. analyst Jonathan Maietta upgraded the San Francisco-based company to "Strong Buy" from "Buy." The stock had fallen since Advent posted a more-than-fivefold jump in first-quarter profit on April 29.

Maietta said new products and upgrades to current products leave Advent in a good position for the rest of the year, despite the challenging economy.

Based on current data, Maietta said, Advent is likely only 9 percent finished upgrading its customers to its lucrative APX platform from the Axys platform.

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