Rackspace Hosting, Inc. (RAX) Issues Earnings Results, Beats Expectations By $0.11 EPS
Rackspace Hosting, Inc. (NYSE:RAX) issued its quarterly earnings data on Monday. The hosting company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters' consensus estimate of $0.23 by $0.11, Market Beat.com reports. The company had revenue of $518 million for the quarter, compared to the consensus estimate of $519.08 million.
Shares of Rackspace Hosting (NYSE:RAX) traded up 1.12% during midday trading on Monday, reaching $22.54. The company's stock had a trading volume of 3,071,904 shares. The stock has a market capitalization of $2.95 billion and a price-to-earnings ratio of 25.04. The company has a 50 day moving average of $22.82 and a 200-day moving average of $23.33. Rackspace Hosting has a 52 week low of $15.05 and a 52 week high of $54.07.
Several equities research analysts have weighed in on the company. Vetr cut Rackspace Hosting from a "strong-buy" rating to a "buy" rating and set a $22.01 price objective on the stock. in a research note on Thursday, February 18th. Goldman Sachs reduced their price objective on Rackspace Hosting from $24.00 to $21.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 17th. Stifel Nicolaus lowered Rackspace Hosting from a "buy" rating to a "hold" rating in a research report on Wednesday, February 17th. Zacks Investment Research upgraded Rackspace Hosting from a "sell" rating to a "hold" rating in a research report on Sunday, February 7th. Finally, JPMorgan Chase & Co. dropped their target price on Rackspace Hosting from $34.00 to $22.00 and set a "neutral" rating for the company in a research report on Wednesday, February 17th. Two equities research analysts have rated the stock with a sell rating, twelve have give n a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the company's stock. The company currently has an average rating of "Buy" and a consensus price target of $33.48.
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) Issues Earnings Results, Beats Expectations By $0.11 EPS
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