Riverbed Technology Rating Lowered to Hold at Needham & Company (RVBD)
Riverbed Technology (NASDAQ:RVBD) was downgraded by Needham & Company from a “strong-buy” rating to a “hold” rating in a research note issued on Monday, TheFlyOnTheWall.com reports. They currently have a $14.00 price objective on the stock, down from their previous price objective of $18.00. Needham & Company’s price objective would suggest a potential downside of 21.26% from the company’s current price.
Shares of Riverbed Technology (NASDAQ:RVBD) traded down 0.78% during mid-day trading on Monday, hitting $17.78. The stock had a trading volume of 1,961,712 shares. Riverbed Technology has a one year low of $13.77 and a one year high of $21.13. The stock’s 50-day moving average is $17.38 and its 200-day moving average is $16.10. The company’s market cap is $2.879 billion.
Riverbed Technology (NASDAQ:RVBD) last released its earnings data on Monday, October 28th. The company reported $0.26 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.23 by $0.03. The company had revenue of $265.00 million for the quarter, compared to the consensus estimate of $267.42 million. During the same quarter last year, the company posted $0.28 earnings per share. Riverbed Technology’s revenue was up 19.7% compared to the same quarter last year. Analysts expect that Riverbed Technology will post $0.97 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Zacks upgraded shares of Riverbed Technology from a “neutral” rating to an “outperform” rating in a research note to investors on Wednesday, January 1st. They now have a $19.50 price target on the stock. Separately, analysts at Citigroup Inc. initiated coverage on shares of Riverbed Technology in a research note to investors on Tuesday, December 10th. They set a “buy” rating and a $21.00 price target on the stock. Finally, analysts at MKM Partners raised their price target on shares of Riverbed Technology from $15.00 to $16.50 in a research note to investors on Tuesday, November 19th. They now have a “neutral” rating on the stock. Two research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and ten have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $16.06.
Riverbed Technology, Inc (NASDAQ:RVBD) has developed solutions to the fundamental problems associated with information technology (IT) performance across wide area networks (WANs).
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.