Shares of Fundtech Corp. rose $1.125 last week, to $19.25, after getting a "buy" rating from Banc-America Robertson Stephens & Co.
The San Francisco company issued its initial three million shares last month. It provides bank wire transfer software compatible with the Federal Reserve's Fedline service for low-cost transfers via the Fed Wire network.
BancAmerica Robertson Stephens analyst Gary Craft said Fundtech has a good chance to reach "a substantial portion" of its target market below banking's top tier.
It has more than 100 bank customers and reseller agreements with Checkfree Corp., Fiserv Inc., and Sterling Commerce, among others.
Fundtech's offering was priced at $13 a share March 16 and closed that day at $17.375.
Overall, bank technology stocks were mixed last week as the Dow Jones industrial average rose 11.46 points, to 8994.87. The technology-heavy Nasdaq composite fell 35.2, to 1820.2. Goldman, Sachs & Co.'s index of U.S.-traded technology companies fell 5 points, to 167.1.
Edify Corp. fell 38% April 6 after the company said it expected to record a first-quarter loss of $1.3 million to $1.7 million, or 8 to 10 cents a share.
The seller of electronic banking and human resources software had expected a profit of 4 cents, according to IBES International Inc.
Edify closed at $1.125 Thursday, down $6.875 for the week.
