NEW YORK (TheStreet) -- Security software developer AVG Technologies (AVG) is gaining on Thursday after posting fourth-quarter results after the bell a day earlier.

By early afternoon, shares had added 16.9% to $20.24. Trading volume of 2.3 million was more than five times its three-month daily average.

In the three months to December, the Amsterdam-based company recorded net income of 52 cents a share on revenue of $101.9 million. Analysts surveyed by Thomson Reuters had forecast net income of 41 cents on sales of $95.22 million.

Full-year net income of $2.16 a share was 11 cents higher than consensus, while revenue of $407.1 million was $7 million over estimates.

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TheStreet Ratings team rates AVG TECHNOLOGIES NV as a Hold with a ratings score of C. The team has this to say about their recommendation:

"We rate AVG TECHNOLOGIES NV (AVG) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its notable return on equity, solid stock price performance and revenue growth. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, generally higher debt management risk and weak operating cash flow."