Paul Singer Goes Activist on Riverbed Technology Inc (RVBD)

Paul Singer goes activist on Riverbed Technology, Inc. (NASDAQ:RVBD). In a recent filing with the Securities and Exchange Commission, Elliott Management has announced that it has forwarded the board of directors a proposal containing certain steps it expects Riverbed Technology to take in order to increase shareholder value. According to the same filing, Elliott has economic and voting power in approximately 10.4% of the company’s shares outstanding.

Riverbed Technology, Inc. (NASDAQ:RVBD)

Riverbed Technology, Inc. (NASDAQ:RVBD) has caught the attention of several hedge funds that we track. William B. Gray, the manager of Orbis Investment Management, is bullish on this stock. During the last quarter, Orbis increased its stake by 59% to 11.8 million shares reportedly worth $173 million. Paul Marshall and Ian Wace have also increased their holding. According to its latest 13F report, Marshall Wace LLP holds 571,608 shares valued at $8.3 million. Steven Cohen is not so optimistic though. His fund, SAC Capital Advisors, has trimmed its exposure to Riverbed Technology and at the end of September 2013 reported ownership of 1.6 million shares valued at a little over $23 million.

Riverbed Technology, Inc. (NASDAQ:RVBD) offers information technology services. In 2013, the stock has fallen 32% to an April low of $13.83 and has been trending sideways since then. With a current share price of $17.45, the company has a market cap of $2.83 billion and does not pay a dividend. The stock has a forward Price to Earnings (P/E) ratio of 15.7 and a beta of 2.29, which makes it a fairly volatile one.

On November 1st, Riverbed Technology, Inc. (NASDAQ:RVBD) released its financial report for the third quarter of 2013. The company posted revenues of $153 million, a 6% year-over-year increase, and Earnings Per Share (EPS) of $0.02. For the current quarter, analysts expect Riverbed to register revenues of $273 million and earnings of $0.26 per share.

Disclosure: none

Recommended reading:

Whitney Tilson, T2 Partners Close Stake in dELiA*s, Inc. (DLIA)

Blue Mountain Capital Increase Stake in Lexmark International Inc (LXK)

Ken Griffin And Citadel Add to Their Position in Finisar Corporation (FNSR)

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

Picture Perfect: The 6 Smartphones with the Best Cameras

The 10 Best Countries To Work In the World

A Profitable Day At The Track: 5 Tips For Betting On Horses

Tearing You Apart: 6 Bad Habits That Ruin Relationships

Learning on the Job: The 6 Biggest Mistakes Parents Make

Shopaholics Rejoice: The 12 Biggest Malls in the World

Fright Night: 10 Horror Movies Based on True Stories

Mach Mania: The 10 Fastest Jets in the World

Military Heavyweights: The 10 Countries with the Most Tanks

All In: The 7 Richest Poker Players in the World

Abracadabra: The 10 Best Magicians in the World

The 10 Richest Asian Countries in the World in 2014

Eyes in the Sky: 10 Things You Need to Know About Drones

Rising Stars: The 6 Best Silicon Valley Startups

Military Muscle: The 5 Most Advanced Armies in South America

All that Glitters: The 7 Most Luxurious Jewelry Brands in the World

5 Things You Didn’t Know About ISIS but Should

Empowering Your Money: The 5 Best Energy Stocks to Invest In

The 11 Best Android Apps You Can’t Get on iOS

The 10 Most Important International Conflicts in 2014

Mood Enhancers: The 20 Most Uplifting Songs of all Time

Lover Beware: The 8 Countries that Cheat the Most

Breath of Fresh Air: The 25 Countries with the Best Air Quality on the Planet

Singles Beware: The 8 Worst Mistakes Made on First Dates

Healthy and Happy: The 10 Countries with Lowest Healthcare Costs

The 6 Best Company Team Building Activities to Build Workplace Camaraderie

Ships Ahoy: The 10 Busiest Shipping Ports in the World

10 Productivity Tips to Save You Time and Help You Do More With Less

Grab a Bite: The Most Popular Fast Food Restaurants in America

Friday Night Thirst: The 10 Most Popular Cocktails in the World

The 6 Greatest Unsolved Mysteries We May Never Figure Out

7 Useless Products You Never Should’ve Bought

The 5 Reasons Why You’re Single and Miserable

The 7 Most Addictive Foods in the World We Can’t Stop Eating (Even Though We Should)

5 Amazing Places You Can Swim with Dolphins

The Top 7 Most Livable Countries In The World

The 10 Most Expensive Baseball Cards Ever Pulled From A Pack

The 5 Easiest Second Languages to Learn for English Speakers

Silver Spoon: The 6 Richest Families in the World

The 20 Countries with the Largest Prison Populations in the World

The Top 10 Richest Actors in the World

The 10 Best Airline Stocks to Invest In Before They Fly Too High

Burger Kings: The 10 Most Expensive Burgers in the World

The 10 Most Ethnically Diverse Countries in the World

The 10 Most Exclusive Credit Cards in the World

The 10 Most Expensive Cruise Ships in the World

The 10 Fastest Supercomputers in the World

The 10 Best Countries for Doing Business 2015

6 Most Expensive Fruits In The World

10 Worst Airlines in the World

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!