Riverbed Technology shares advance after 2nd-quarter results beats analyst expectations
By APFriday, July 23, 2010
Riverbed shares rise after 2Q results beat Street
SAN FRANCISCO — Shares of Riverbed Technology Inc. rose Friday after the computer networking products maker issued second-quarter results above analysts estimates.
THE SPARK: Late Thursday, Riverbed reported adjusted quarterly income of 25 cents per share. Analysts polled by Thomson Reuters expected income of $22 cents per share.
Revenue jumped 39 percent to $126.2 million, which was about $7 million more than analysts expected.
THE ANLYSIS: In a client note, Citi Investment Research analyst John Slack kept his “Hold” rating for the stock but raised his price target by $2 to $33.
Slack called the June quarter “strong” and said the company’s business “clearly appears to be accelerating.”
SHARE ACTION: Riverbed shares rose $4.13, or 13.2 percent, to $35.54. Earlier, the stock hit a new multiyear high of $36.04.
