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Riverbed Technology, Inc. (NASDAQ: RVBD) traded higher Thursday on news that it would undertake a comprehensive review of strategic options. This was welcome news to activist investor Elliot Management.
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Jesse Cohn, portfolio manager at Elliott Management, commended “the Board for initiating a strategic review” and he believed “that Riverbed is a great company with products customers value.” Elliot Management has made “a $21 bid for the company, and our team and advisors look forward to completing our confirmatory diligence in an expedited fashion.”
Analysts had a less than enthusiastic view on the stock. Nomura felt the financial and strategic options for Riverbed “seem limited” and Citigroup downgraded the stock from Buy to Neutral.
William Blair - $15-$21 Price Range, Market Perform
William Blair saw a downside of $15 and upside of $21 for the stock and cut its Rating from Outperform to Market Perform.
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FBN Securities - $20 Price Target, Sector Perform
"We retain our Sector Perform rating and $20 PT on RVBD after this morning’s preannouncement of a 5% revenue shortfall (using the high-end), the announcement of a restructuring plan to reduce costs (we estimate around 3%),and the announcement of a comprehensive review of 'strategic and financial alternatives' to 'enhance shareholder value'."
Lake Street Capital Markets - $20 Price Target, Hold
"Based on shortfalls versus outlook the past two quarters, management does not appear to have a good handle on the macro trend in its primary business. Performance management (30 percent of revenue) results are unable to counter the WANOP softness. Having said that, however, the new willingness to explore strategic alternatives should help support the shares."
Riverbed Technology, Inc. closed at $18.59, up 2.82 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.