NEW YORK (TheStreet) -- Shares of VASCO Data Security (VDSI) were gaining 10.5% to $27.16 Tuesday after the security software company beat analysts' estimates for earnings and revenue in the first quarter.

VASCO reported earnings of 34 cents a share for the first quarter, beating analysts' estimates of 13 cents a share for the quarter. Revenue grew 67.7% from the year-ago quarter to $65.1 million, above analysts' estimates of $54.5 million for the quarter.

The software company raised its full year 2015 revenue guidance to a range of $230 million to $240 million from its previous range of $220 million to $230 million. Analysts expect the company to report earnings of $228.36 million for the full year.

"Revenue reported for the first quarter of 2015 was the highest of any quarter in our history and reflected both the delivery of a significant amount of card readers using our new Cronto technology to Rabobank, which was part of our record backlog at the beginning of the year, and a significant increase in revenues from other customers in the quarter," Chairman and CEO T. Kendall Hunt said in a statement.

About 1.8 million shares of VASCO were traded by 9:51 a.m. Tuesday, compared to the company's average trading volume of about 1.7 million shares a day.

TheStreet Ratings team rates VASCO DATA SEC INTL INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate VASCO DATA SEC INTL INC (VDSI) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, reasonable valuation levels and solid stock price performance. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."

You can view the full analysis from the report here: VDSI Ratings Report

VDSI data by YCharts

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