Insider Selling: Riverbed Technology CEO Sells 108,334 Shares of Stock (RVBD)
Riverbed Technology (NASDAQ:RVBD) CEO Jerry M. Kennelly sold 108,334 shares of the company’s stock on the open market in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $18.79, for a total transaction of $2,035,595.86. Following the completion of the sale, the chief executive officer now directly owns 1,460,164 shares of the company’s stock, valued at approximately $27,436,482. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Riverbed Technology (NASDAQ:RVBD) traded down 0.05% during mid-day trading on Tuesday, hitting $18.83. 923,128 shares of the company’s stock traded hands. Riverbed Technology has a 52-week low of $13.77 and a 52-week high of $22.76. The stock has a 50-day moving average of $18.34 and a 200-day moving average of $19.54. The company has a market cap of $3.007 billion and a price-to-earnings ratio of 143.82.
Riverbed Technology (NASDAQ:RVBD) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.26 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.27 by $0.01. The company had revenue of $264.00 million for the quarter, compared to the consensus estimate of $277.42 million. During the same quarter in the prior year, the company posted $0.23 earnings per share. The company’s quarterly revenue was up 5.7% on a year-over-year basis. On average, analysts predict that Riverbed Technology will post $1.17 earnings per share for the current fiscal year.
A number of research firms have recently commented on RVBD. Analysts at Jefferies Group reiterated a “hold” rating on shares of Riverbed Technology in a research note on Friday, July 25th. They now have a $17.00 price target on the stock, down previously from $19.00. Separately, analysts at Buckingham Research initiated coverage on shares of Riverbed Technology in a research note on Wednesday, July 16th. They set a “neutral” rating and a $19.00 price target on the stock. Finally, analysts at Needham & Company LLC reiterated a “hold” rating on shares of Riverbed Technology in a research note on Tuesday, July 15th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the company’s stock. Riverbed Technology currently has an average rating of “Hold” and a consensus price target of $18.47.
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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