JMP Securities Reaffirms Buy Rating for Rackspace Hosting (RAX)
JMP Securities restated their buy rating on shares of Rackspace Hosting (NYSE:RAX) in a research report released on Tuesday, Marketbeat reports. They currently have a $55.00 price target on the hosting company's stock, down from their previous price target of $62.00.
Shares of Rackspace Hosting (NYSE:RAX) traded up 1.22% during trading on Tuesday, reaching $29.89. 4,024,011 shares of the company were exchanged. The firm has a 50-day moving average price of $34.91 and a 200-day moving average price of $44.69. The stock has a market capitalization of $4.25 billion and a P/E ratio of 35.58. Rackspace Hosting has a 1-year low of $27.65 and a 1-year high of $56.20.
Rackspace Hosting (NYSE:RAX) last released its earnings results on Monday, August 10th. The hosting company reported $0.20 earnings per share (EPS) for the quarter, hitting the Zacks' consensus estimate of $0.20. The business had revenue of $489 million for the quarter, compared to analyst estimates of $490.54 million. Equities research analysts predict that Rackspace Hosting will post $0.83 earnings per share for the current fiscal year.
Other equities research analysts have also issued reports about the stock. CLSA lowered shares of Rackspace Hosting from an outperform rating to an underperform rating and reduced their price objective for the company from $40.00 to $35.00 in a report on Tuesday. KeyBanc dropped their target price on shares of Rackspace Hosting from $58.00 to $45.00 and set an overweight rating on the stock in a research report on Tuesday. RBC Capital lowered their price objective on shares of Rackspace Hosting from $43.00 to $36.00 and set a sector perform rating on the stock in a research report on Monday. Barclays lowered their target price on shares of Rackspace Hosting from $50.00 to $39.00 and set an overweight rating on the stock in a report on Tuesday. Finally, Raymond James upgraded shares of Rackspace Hosting from an outperform rating to a strong-buy rating and set a $48.00 price objective for the company in a research note on Tuesday. Four research analysts have rated the stock with a s ell rating, ten have assigned a hold rating, eleven have assigned a buy rating and three have assigned a strong buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $42.96.
Rackspace Hosting, Inc. (NYSE:RAX) runs in the handled cloud section of the company information technology (IT) marketplace. The Organization offers a portfolio of integrated IT solutions for common business wants, including for e-commerce, Web content management, office mail, info services, Website hosting and collaboration, and private clouds. It also offers advisory services for security, technology strategy and conformity, application assessment and migration, and DevOps automation. The Organization offers its solutions across an assortment of IT form factors, including multi tenant public cloud, dedicated single – private cloud, tenant servers, and cloud that is hybrid. Additionally, it produces Fanatical Support across its entire product portfolio, and managed services. The Company sells its services to business customers in more than 120 countries. The Company has operations located across the United States, in addition to in Mexico City, Sydney and London, Amsterdam, Zur ich, Hong Kong.
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Source: JMP Securities Reaffirms Buy Rating for Rackspace Hosting (RAX)
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