Riverbed Technology Lowered to “Sector Perform” at Pacific Crest (RVBD)

Riverbed Technology (NASDAQ:RVBD) was downgraded by research analysts at Pacific Crest from an “outperform” rating to a “sector perform” rating in a report released on Wednesday, TheFlyOnTheWall.com reports. The analysts noted that the move was a valuation call.

Riverbed Technology (NASDAQ:RVBD) traded down 16.69% on Wednesday, hitting $14.605. Riverbed Technology has a 1-year low of $13.83 and a 1-year high of $17.94. The stock’s 50-day moving average is currently $16.38. The company has a market cap of $2.387 billion and a price-to-earnings ratio of 72.74.

Riverbed Technology (NASDAQ:RVBD) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.01. The company had revenue of $250.00 million for the quarter, compared to the consensus estimate of $257.72 million. During the same quarter in the previous year, the company posted $0.23 earnings per share. The company’s revenue for the quarter was up 25.9% on a year-over-year basis. Riverbed Technology has set its Q3 guidance at $0.23-0.24 EPS. Analysts expect that Riverbed Technology will post $0.99 EPS for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at RBC Capital downgraded shares of Riverbed Technology from a “sector perform” rating to an “underperform” rating in a research note to investors on Wednesday. Separately, analysts at Needham & Company cut their price target on shares of Riverbed Technology from $23.00 to $20.00 in a research note to investors on Wednesday. They now have a “strong-buy” rating on the stock. Finally, analysts at Northland Securities downgraded shares of Riverbed Technology from an “outperform” rating to a “market perform” rating in a research note to investors on Monday. They now have a $18.00 price target on the stock. They noted that the move was a valuation call.

Two equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $18.19.

Riverbed Technology, Inc (NASDAQ:RVBD) has developed solutions to the fundamental problems associated with information technology (IT) performance across wide area networks (WANs).