Vetr Inc. Lowers Rackspace Hosting to Hold (RAX)
Vetr Inc. has also modified their ratings on a number of other information technology stocks in the few days. The firm downgraded shares of Akamai Technologies, Inc. from a buy rating to a hold rating. Their analysts now have a $76.00 price target on that stock. Also, Vetr Inc. upgraded shares of Facebook Inc from a sell rating to a hold rating. Vetr Inc. now has a $92.60 price target on that stock.
Shares of Rackspace Hosting (NYSE:RAX) opened at 35.13 on Wednesday. Rackspace Hosting has a 52-week low of $28.80 and a 52-week high of $56.20. The stock has a 50-day moving average of $37.43 and a 200-day moving average of $46.21. The company has a market cap of $5.02 billion and a price-to-earnings ratio of 44.47.
Rackspace Hosting (NYSE:RAX) last posted its quarterly earnings results on Monday, May 11th. The hosting company reported $0.20 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.20. The company had revenue of $480.20 million for the quarter, compared to the consensus estimate of $481.00 million. During the same quarter in the previous year, the company posted $0.18 earnings per share. The company's revenue for the quarter was up 14.1% on a year-over-year basis. Analysts expect that Rackspace Hosting will post $0.87 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on RAX. Analysts at Wells Fargo & Co. reiterated an outperform rating on shares of Rackspace Hosting in a research note on Tuesday, July 14th. Analysts at Zacks upgraded shares of Rackspace Hosting from a hold rating to a strong-buy rating and set a $42.00 price target on the stock in a research note on Tuesday, July 14th. Analysts at Evercore ISI downgraded shares of Rackspace Hosting from a buy rating to a hold rating and lowered their price target for the stock from $50.00 to $40.00 in a research note on Thursday, July 9th. Analysts at JMP Securities reiterated a buy rating and set a $62.00 price target on shares of Rackspace Hosting in a research note on Monday, June 29th. Finally, analysts at TheStreet downgraded shares of Rackspace Hosting to a hold rating in a research note on Friday, June 26th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have issued a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $50.05.
In other Rackspace Hosting news, Director Lew Moorman sold 100,000 shares of Rackspace Hosting stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $55.53, for a total transaction of $5,553,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
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.
To view Vetr's full report, visit Vetr's official website.
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Source: Vetr Inc. Lowers Rackspace Hosting to Hold (RAX)
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