Rackspace Hosting, Inc. (RAX) Given New $44.00 Price Target at JMP Securities
Rackspace Hosting, Inc. (NYSE:RAX) had its price objective decreased by analysts at JMP Securities from $55.00 to $44.00 in a note issued to investors on Tuesday, StockTargetPrices.com reports. JMP Securities' price target would suggest a potential upside of 149.57% from the company's current price.
Rackspace Hosting (NYSE:RAX) traded up 3.63% during trading on Tuesday, reaching $18.27. The company's stock had a trading volume of 832,786 shares. The stock has a 50-day moving average of $20.72 and a 200 day moving average of $26.51. The firm has a market capitalization of $2.46 billion and a P/E ratio of 19.86. Rackspace Hosting has a one year low of $16.38 and a one year high of $56.20.
A number of other brokerages also recently commented on RAX. Zacks Investment Research upgraded Rackspace Hosting from a "sell" rating to a "hold" rating in a research note on Sunday. Goldman Sachs lowered their target price on Rackspace Hosting from $27.00 to $24.00 in a research note on Monday, February 1st. RBC Capital restated a "buy" rating on shares of Rackspace Hosting in a research note on Saturday, January 16th. Credit Agricole restated an "underperform" rating and issued a $23.00 target price (down previously from $27.00) on shares of Rackspace Hosting in a research note on Tuesday, November 24th. Finally, Wells Fargo restated an "outperform" rating and issued a $37.50 target price (down previously from $42.50) on shares of Rackspace Hosting in a research note on Thursday, November 12th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rat ing to the company's stock. The company currently has a consensus rating of "Buy" and a consensus price target of $39.19.
Several hedge funds and institutional investors have recently added to or reduced their stakes in the company. Globeflex Capital L P raised its position in Rackspace Hosting by 31.2% in the fourth quarter. Globeflex Capital L P now owns 45,822 shares of the hosting company's stock valued at $1,160,000 after buying an additional 10,885 shares in the last quarter. Profund Advisors LLC boosted its stake in shares of Rackspace Hosting by 42.8% in the fourth quarter. Profund Advisors LLC now owns 59,364 shares of the hosting company's stock valued at $1,503,000 after buying an additional 17,798 shares during the last quarter. BlueMar Capital Management LLC bought a new stake in shares of Rackspace Hosting during the fourth quarter valued at about $1,583,000. Matarin Capital Management LLC bought a new stake in shares of Rackspace Hosting during the fourth quarter valued at about $1,842,000. Finally, Liberty Mutual Group Asset Management Inc. boosted its sta ke in shares of Rackspace Hosting by 43.3% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 73,834 shares of the hosting company's stock valued at $1,871,000 after buying an additional 22,315 shares during the last quarter.
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.
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Source: Rackspace Hosting, Inc. (RAX) Given New $44.00 Price Target at JMP Securities
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