Shares of e-commerce security provider Watchguard Technologies (Nasdaq: WGRD) soared more than 15 percent on Tuesday, gaining 2 to 15-1/4 after announcing version 4.0 of its LiveSecurity System, which delivers a variety of security features for online businesses. Last month, Watchguard announced that Japanese Internet kingmaker Softbank, which owns large stakes of companies including Yahoo! and E*Trade, would distribute LiveSecurity in Japan.
Watchguard also benefited from a buy rating from Wit Capital on Tuesday. Wit Capital says the company’s “top line growth and long-term operating margin potential” can justify a multiple of 15 to 20 times revenue. Using a 12 to 18 month time horizon, Wit Capital believes Watchguard could trade in the $30 to $40 range.