Elliott Associates, which has a long history of taking activist positions in tech companies (and sometimes bringing about big changes), has disclosed a 10.4% stake (after taking into account various affiliates) in Riverbed (RVBD), and declares the company can "immediately increase stockholder value by implementing certain value-maximizing operational, capital structure and strategic review initiatives." (13D)
At the same time, Elliott praises "mission-critical position in thousands of networks," loyal customer base, and "valuable and stable [WAN optimization] platform"
Riverbed closed yesterday close to its 52-week low, and (in spite of maintaining a leadership position in the WAN optimization hardware market) trades far below its 2011 highs. The poor performance of recently-acquired network performance management software vendor OPNET has weighed on Riverbed's 2013 results.