Riverbed Technology (NASDAQ:RVBD) estimates the size of its market at $20 billion. Given its blistering growth rate, the company may have a chance to grab a big chunk of that -- but it'll have to fend off Cisco (NASDAQ:CSCO), Packeteer (NASDAQ:PKTR), and Juniper (NASDAQ:JNPR) first.

Riverbed develops wide-area data services technology, which helps to improve the performance of computer networks. As corporate America generates, transmits, and stores increasing amounts of data, fast and reliable networks have become "must have" technology.

Riverbed's fiscal first-quarter revenues skyrocketed 212% to $42.8 million. Operating leverage in its business helped transform those sales into net income of $3.3 million, or $0.05 per share, compared to a loss of $4.3 million, or $0.36 per share, in the year-ago period. Given that amazing performance, it's no surprise that Riverbed's stock subsequently spiked 22% to $34.70.

Why can't the competition keep up with Riverbed? For one thing, many other firms have built their rival offerings through acquisitions, and the multiple technologies involved may not necessarily mesh well. Riverbed also continues to refine its own product line. Its most recent offering enhances performance, security, and ease of use.

Since its IPO last September, Riverbed's stock has risen 256%, now trading at 11 times expected 2007 revenues. That's a heady valuation, but there appears to be no respite in Riverbed's growth rate, and its competition will likely need some time to make headway.

Investors should note that Riverbed's lockup expires May 1, allowing company insiders to sell as many as 26.4 million of their shares. Any Fools considering taking the plunge here should probably wait a bit, lest their holdings get watered down by a torrent of insider sales.

Further freely flowing Foolishness:

Discover more high-tech stocks poised for explosive growth with a free 30-day trial to Motley Fool Rule Breakers. 

Fool contributor Tom Taulli, author of The Complete M&A Handbook, does not own shares mentioned in this article. He is currently ranked 3,449 out of 27,827 in CAPS.