Rackspace Hosting, Inc. (NYSE:RAX) Receives Average Rating of “Hold†from Brokerages
Rackspace Hosting, Inc. (NYSE:RAX) has received a consensus recommendation of "Hold" from the twenty-seven ratings firms that are covering the company, Market Beat reports. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $31.74.
Rackspace Hosting (NYSE:RAX) traded up 0.53% during trading on Wednesday, hitting $21.05. The stock had a trading volume of 683,303 shares. The company has a market capitalization of $2.76 billion and a price-to-earnings ratio of 23.39. Rackspace Hosting has a 12-month low of $15.05 and a 12-month high of $56.20. The stock has a 50 day moving average price of $19.84 and a 200 day moving average price of $25.09.
Rackspace Hosting (NYSE:RAX) last posted its quarterly earnings results on Tuesday, February 16th. The hosting company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.01. During the same period last year, the firm posted $0.26 earnings per share. The company earned $522.80 million during the quarter, compared to the consensus estimate of $521.53 million. The company's revenue for the quarter was up 10.7% on a year-over-year basis. Equities research analysts forecast that Rackspace Hosting will post $0.97 earnings per share for the current year.
Several equities research analysts have recently commented on RAX shares. Cowen and Company reissued a "buy" rating and set a $52.00 target price (up from $48.00) on shares of Rackspace Hosting in a research report on Tuesday, November 10th. Jefferies Group decreased their target price on shares of Rackspace Hosting from $38.00 to $33.00 and set a "hold" rating for the company in a research report on Tuesday, November 10th. William Blair reissued an "outperform" rating on shares of Rackspace Hosting in a research report on Tuesday, November 10th. Needham & Company LLC reissued a "hold" rating on shares of Rackspace Hosting in a research report on Tuesday, November 10th. Finally, Credit Suisse reissued a "buy" rating on shares of Rackspace Hosting in a research report on Tuesday, November 10th.
Several institutional investors recently modified their holdings of RAX. Janus Capital Management raised its position in shares of Rackspace Hosting by 1.6% in the third quarter. Janus Capital Management now owns 825,700 shares of the hosting company's stock worth $20,378,000 after buying an additional 12,732 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Rackspace Hosting by 3,799.7% in the fourth quarter. Nordea Investment Management AB now owns 123,700 shares of the hosting company's stock worth $3,132,000 after buying an additional 120,528 shares during the last quarter. LGT Capital Partners bought a new position in shares of Rackspace Hosting during the fourth quarter worth approximately $9,879,000. Finally, Acadian Asset Management raised its position in shares of Rackspace Hosting by 3,208,917.7% in the fourth quarter. Acadian Asset Management now owns 1,989,591 shares of the hosting company's stock worth $50,37 5,000 after buying an additional 1,989,529 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. (NYSE:RAX) Receives Average Rating of "Hold" from Brokerages
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