Riverbed Technology has been coming back from a steep drop last month, and traders see more upside ahead.
The company, whose Steelhead products enable customers to improve the performance of applications and access data across networks, disappointed Wall Street on guidance in late January. The stock gapped down near $24, but has been recovering since then, getting an upgrade from Pacific Crest last week with a $34 price target.
Riverbed’s shares swung in a wide range on Friday, and the option paper was flowing. The March 32 calls really stuck out, with large blocks from $0.23 to $0.52. The Feb. 30s also shot up from $0.15 to $0.29, according to OptionMonster’s real-time tracking system.