Oppenheimer upgraded shares of Riverbed Technology (NASDAQ:RVBD) from a market perform rating to an outperform rating in a research note released on Monday morning, TheFlyOnTheWall.com reports. They currently have $20.00 target price on the stock.
“We’re upgrading Riverbed to Outperform from Perform and setting a price target of $20. While we recognize NT challenges and admit we might be early, we believe Riverbed’s share price presents an attractive risk/return scenario. After fine-tuning our estimates post-2Q13 and digging deeper into Riverbed’s product mix, we believe our estimates bake in a fair amount of conservatism. In fact, we believe consensus attributes only ~2.0%-3.0% top-line growth to Riverbed’s core WAN Optimization business excluding Granite. Moreover, Riverbed has been investing for growth. In a slower growth environment, Riverbed could further scale back expenses related to OPNET and its own S&M. Overall, we see little downside to shares at the current valuation and recommend investors take advantage of the recent weakness.,” Oppenheimer’s analyst commented.
RVBD has been the subject of a number of other recent research reports. Analysts at Wedbush cut their price target on shares of Riverbed Technology from $16.00 to $15.00 in a research note to investors on Thursday, August 1st. They now have a neutral rating on the stock. Separately, analysts at RBC Capital cut their price target on shares of Riverbed Technology from $14.00 to $13.00 in a research note to investors on Thursday, August 1st. Finally, analysts at Piper Jaffray Cos. cut their price target on shares of Riverbed Technology from $15.00 to $14.00 in a research note to investors on Thursday, August 1st.
One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $18.09.
Riverbed Technology (NASDAQ:RVBD) opened at 15.74 on Monday. Riverbed Technology has a 52-week low of $13.83 and a 52-week high of $24.23. The stock’s 50-day moving average is currently $16.33. The company has a market cap of $2.581 billion and a price-to-earnings ratio of 542.76.
In other Riverbed Technology news, Director Christopher J. Schaepe dumped 131,466 shares of the stock in a transaction that occured on Friday, August 2nd. The shares were sold at an average price of $15.37, for a total value of $2,020,632.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Riverbed Technology, Inc (NASDAQ:RVBD) has developed solutions to the fundamental problems associated with information technology (IT) performance across wide area networks (WANs).
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