Cloud Stocks Rising

Cloud stocks landed on the trader radar Wednesday after Riverbed issued a stronger than expected outlook for its first quarter.

Riverbed makes wide area network optimization products, which helps boost the performance of applications shared over computer networks. A wide area network, or WAN, spans a broad geographic area - one example is the internal network of a multi-national company.

The company said its sales grew as "spending on WAN optimization remains a priority" for businesses.

Meanwhile, Oppenheimer analyst Ittai Kidron upgraded Riverbed to "Outperform" from "Perform" and said he sees further opportunities for the company to gain market share and expand its profit margin. He said a recent pullback in the company's shares represents a "good opportunity to buy the stock and he set a target price of $40.

What’s the takeaway? How should you trade the space?

Trader Stephen Weiss suggests another name in the space. He likes Akamai. “The stock seems to have bottomed. And the chart looks very good. I took a bet on it last week," he says. And Weiss likes another name – EMC .

Joe Terranova prefers Aruba Networks .

Guy Adami is bullish Juniper.

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Trader disclosure: On April 13, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Weiss owns (COP); Weiss owns (DVN); Weiss owns (HK); Weiss owns (HPQ); Weiss owns (MSFT); Weiss owns (AKAM); Weiss owns (TBT); Weiss owns (GDX); Weiss owns (UUP); Weiss owns (DRR); Weiss owns (HBAN); Weiss owns (KEY); Weiss owns (QCOM); Weiss owns (BTU); Weiss is short (IWM); Weiss is short (X); Weiss is short (AKS); Weiss owns (AAPL) calls; Seymour owns (AAPL); Seymour owns (BHP); Seymour owns (F); Seymour owns (INTC); Adami owns (AGU); Adami owns (C); Adami owns (GS); Adami owns (MSFT); Adami owns (NUE); Adami owns (BTU); Finerman's Firm Is Short (IWM); Finerman's Firm Is Short (SPY); Finerman's Firm Is Short (IJR); Finerman's Firm Is Short (MDY); Finerman's Firm Is Long S&P 500 Puts; Finerman's Firm Is Long Russell 2000 Puts; Finerman's Firm And Finerman Own (AAPL); Finerman's Firm And Finerman Own (BP); Finerman Owns (C); Finerman's Firm And Finerman Own (CVS); Finerman's Firm Owns (HPQ); Finerman's Firm Owns (JPM) Leap, (JPM); Finerman Owns (JPM); Finerman's Firm And Finerman Own (MSFT); Finerman's Firm Owns (TGT); Finerman Owns (USO); Finerman's Firm Owns (WMT); Terranova Owns (JPM); Terranova Owns (V); Terranova Owns (BX); Terranova Owns (GS); Terranova Owns (UPL); Terranova Owns (AKAM); Terranova Owns (XOM); Terranova Owns (BAX); Terranova Owns (TCK); Terranova Owns (HOC); Terranova Owns (VRTS)

For Joe Terranova
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For Whitney Tilson
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For Mike Khouw
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For Colin Gillis
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For Joe LaVorgna
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SOT 3/28/11 Tim Seymour Halliburton
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CNBC.com with wires.