Rackspace Hosting, Inc. (RAX) Raised to Outperform at RBC Capital
RBC Capital upgraded shares of Rackspace Hosting, Inc. (NYSE:RAX) from a sector perform rating to an outperform rating in a research note released on Tuesday morning, The Fly reports. The firm currently has $36.00 target price on the hosting company's stock, up from their prior target price of $28.62.
Shares of Rackspace Hosting (NYSE:RAX) traded down 4.98% during midday trading on Tuesday, hitting $28.23. 2,386,004 shares of the stock were exchanged. The stock has a market cap of $3.80 billion and a P/E ratio of 30.68. Rackspace Hosting has a 52-week low of $23.65 and a 52-week high of $56.20. The firm's 50 day moving average price is $27.03 and its 200-day moving average price is $32.12.
Rackspace Hosting (NYSE:RAX) last released its earnings results on Monday, November 9th. The hosting company reported $0.26 EPS for the quarter, topping the Thomson Reuters' consensus estimate of $0.20 by $0.06. The company earned $509 million during the quarter, compared to the consensus estimate of $503.08 million. The company's revenue was up 10.7% compared to the same quarter last year. During the same period last year, the firm posted $0.18 earnings per share. On average, equities research analysts expect that Rackspace Hosting will post $0.89 earnings per share for the current fiscal year.
A number of other research analysts also recently issued reports on the company. Vetr cut Rackspace Hosting from a buy rating to a hold rating and set a $36.00 price target for the company. in a research report on Monday, August 3rd. William Blair reissued an outperform rating on shares of Rackspace Hosting in a research note on Monday, October 12th. Cowen and Company lowered their price objective on Rackspace Hosting from $74.00 to $48.00 and set an outperform rating for the company in a research note on Tuesday, August 11th. Zacks Investment Research lowered Rackspace Hosting from a hold rating to a sell rating in a research note on Tuesday, October 13th. Finally, Tigress Financial upgraded Rackspace Hosting from a buy rating to a strong-buy rating in a report on Thursday, August 13th. Five investment analysts have rated the stock with a sell rating, seven have issued a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. Rackspa ce Hosting currently has a consensus rating of Hold and a consensus price target of $41.23.
In other Rackspace Hosting news, CEO Taylor Rhodes sold 3,866 shares of the firm's stock in a transaction dated Monday, November 16th. The stock was sold at an average price of $27.71, for a total transaction of $107,126.86. Following the transaction, the chief executive officer now owns 261,674 shares of the company's stock, valued at $7,250,986.54. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Tiffany Lathe sold 4,500 shares of the firm's stock in a transaction dated Wednesday, November 11th. The stock was sold at an average price of $29.66, for a total value of $133,470.00. Following the transaction, the vice president now directly owns 35,564 shares in the company, valued at approximately $1,054,828.24. The disclosure for this sale can be found here.
Rackspace Hosting, Inc. (NYSE:RAX) operates in the managed cloud segment of the business information technology (IT) market. The Company offers a portfolio of integrated IT solutions for common business needs, including for e-commerce, Web content management, Website hosting, data services, office mail and collaboration, and private clouds. It also offers advisory services for technology strategy, security and compliance, application assessment and migration, and DevOps automation. The Company also offers its solutions across a variety of IT form factors, including multi-tenant public cloud, dedicated single-tenant servers, private cloud, and hybrid cloud. It also delivers managed services, and Fanatical Support across its entire product portfolio. The Company sells its services to business customers in more than 120 countries. The Company has operations located across the United States, as well as in London, Amsterdam, Zurich, Hong Kong, Sydney and Mexico City.
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Source: Rackspace Hosting, Inc. (RAX) Raised to Outperform at RBC Capital
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