Oppenheimer Comments on Rackspace Hosting, Inc.’s Q3 2016 Earnings (RAX)
Rackspace Hosting, Inc. (NYSE:RAX) – Analysts at Oppenheimer cut their Q3 2016 earnings per share estimates for Rackspace Hosting in a note issued to investors on Friday, according to Zacks Investment Research. Oppenheimer analyst T. Horan now anticipates that the brokerage will post earnings of $0.26 per share for the quarter, down from their previous estimate of $0.27. Oppenheimer currently has a "Buy" rating on the stock. The consensus estimate for Rackspace Hosting's Q3 2016 earnings is $7.00 per share. Oppenheimer also issued estimates for Rackspace Hosting's Q4 2016 earnings at $0.28 EPS, FY2017 earnings at $1.16 EPS and FY2018 earnings at $1.28 EPS.
Other equities research analysts have also recently issued research reports about the stock. Bank of America restated a "buy" rating on shares of Rackspace Hosting in a report on Sunday, March 27th. Wells Fargo reiterated a "buy" rating on shares of Rackspace Hosting in a research note on Saturday, June 4th. Vetr downgraded shares of Rackspace Hosting from a "strong-buy" rating to a "buy" rating and set a $27.60 target price on the stock. in a research note on Wednesday, June 1st. Jefferies Group reiterated a "hold" rating and issued a $21.00 target price on shares of Rackspace Hosting in a research note on Tuesday, May 10th. Finally, Pacific Crest reiterated a "hold" rating on shares of Rackspace Hosting in a research note on Tuesday, May 10th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Rackspace Hosting pre sently has an average rating of "Hold" and an average target price of $30.45.
Rackspace Hosting (NYSE:RAX) opened at 22.15 on Monday. The company has a 50-day moving average of $23.47 and a 200-day moving average of $22.66. The stock has a market capitalization of $2.79 billion and a price-to-earnings ratio of 20.60. Rackspace Hosting has a 1-year low of $15.05 and a 1-year high of $39.37.
Rackspace Hosting (NYSE:RAX) last released its quarterly earnings data on Monday, May 9th. The hosting company reported $0.34 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.12. During the same quarter in the prior year, the firm posted $0.20 earnings per share. The business earned $518 million during the quarter, compared to analysts' expectations of $519.08 million. The firm's quarterly revenue was up 7.9% on a year-over-year basis.
Other institutional investors have added to or reduced their stakes in the company. Janus Capital Management raised its position in Rackspace Hosting by 1.6% in the third quarter. Janus Capital Management now owns 825,700 shares of the hosting company's stock valued at $20,378,000 after buying an additional 12,732 shares during the period. Nordea Investment Management AB raised its position in 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 valued at $3,132,000 after buying an additional 120,528 shares during the period. DIAM Co. Ltd. raised its position in Rackspace Hosting by 902.8% in the fourth quarter. DIAM Co. Ltd. now owns 138,248 shares of the hosting company's stock valued at $3,500,000 after buying an additional 124,462 shares during the period. Finally, Russell Frank Co raised its position in Rackspace Hosting by 500.6% in the fourth quarter. Russell Frank Co now owns 597,020 shares of the hosting company's stock valued at $15,070,000 after buying an additional 497,608 shares during the period.
Rackspace Hosting, Inc (Rackspace) 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. The Company offers services for certain applications, including e-commerce and Web content management sites, business-productivity applications, such as e-mail and collaboration, and data stores.
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Source: Oppenheimer Comments on Rackspace Hosting, Inc.'s Q3 2016 Earnings (RAX)
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