Internet relationship management software and services provider Vignette (Nasdaq: VIGN) has been a top performer on Wall Street since going public at $19 a share last February, and its stock got even hotter on Wednesday. Shares of Vignette soared more than eight percent, gaining 17-1/2 to an all-time closing high of 234, one day after the company announced fourth-quarter results that topped analysts’ expectations.
Vignette reported fourth quarter revenues of $40.9 million, a 512 percent increase over the $6.7 million reported in the same period in 1998. Excluding acquisition-related charges, the company had a net loss of $2.7 million, or five cents per share, for the fourth quarter of 1999. Analysts had expected a loss of eight cents per share.
On Wednesday, Deutsche Banc Alex. Brown upgraded Vignette from buy to strong buy, while Dain Rauscher Wessels reiterated its strong buy rating on Vignette and raised its price target on the company to $300 from $200.