Riverbed Technology (NASDAQ:RVBD) was upgraded by Oppenheimer from a “market perform” rating to an “outperform” rating in a research note issued on Monday, Analyst Ratings Network.com reports. The firm currently has a $20.00 target price on the stock. Oppenheimer’s price target would suggest a potential upside of 29.79% from the stock’s previous close.
The analysts wrote, “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.”
Shares of Riverbed Technology (NASDAQ:RVBD) opened at 15.41 on Monday. Riverbed Technology has a one year low of $13.83 and a one year high of $24.23. The stock’s 50-day moving average is currently $16.35. The company has a market cap of $2.527 billion and a P/E ratio of 531.38.
Riverbed Technology (NASDAQ:RVBD) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.23 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $0.23 earnings per share. The company’s quarterly revenue was up 25.9% on a year-over-year basis. On average, analysts predict that Riverbed Technology will post $0.95 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on RVBD. 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. 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. 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.
One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $18.09.
Riverbed Technology, Inc (NASDAQ:RVBD) has developed solutions to the fundamental problems associated with information technology (IT) performance across wide area networks (WANs).