Rackspace Hosting Trading 4.8% Higher Following Insider Buying Activity (RAX)
Specifically, Director Graham M. Weston acquired 85,500 shares of Rackspace Hosting stock in a transaction that occurred on Tuesday, August 25th. The shares were bought at an average cost of $29.24 per share, with a total value of $2,500,020.00. Following the transaction, the director now directly owns 318,599 shares of the company's stock, valued at approximately $9,315,834.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
RAX has been the subject of several recent analyst reports. Morgan Stanley downgraded shares of Rackspace Hosting to an "equal weight" rating in a research note on Wednesday, May 20th. Cowen and Company restated an "outperform" rating and set a $74.00 target price (down from $75.00) on shares of Rackspace Hosting in a research report on Saturday, May 23rd. Jefferies Group reaffirmed a "hold" rating and issued a $46.00 price objective (down previously from $48.00) on shares of Rackspace Hosting in a report on Saturday, May 23rd. Credit Suisse reissued an "outperform" rating and set a $54.00 target price (down previously from $57.00) on shares of Rackspace Hosting in a research note on Tuesday, May 12th. Finally, JMP Securities restated an "outperform" rating and set a $62.00 price target (down from $67.00) on shares of Rackspace Hosting in a research report on Friday, May 22nd. Four analysts have rated the stock with a sell rating, ten have issued a hold rating, eleven have assigned a buy rating and three have assigned a strong buy rating to the company. Rackspace Hosting presently has a consensus rating of "Hold" and an average target price of $42.96.
The firm has a market capitalization of $4.48 billion and a PE ratio of 37.43. The firm has a 50 day moving average price of $33.48 and a 200 day moving average price of $43.80.
Rackspace Hosting (NYSE:RAX) last posted its earnings results on Monday, August 10th. The hosting company reported $0.20 EPS for the quarter, hitting the analysts' consensus estimate of $0.20. The firm had revenue of $489 million for the quarter, compared to analyst estimates of $490.54 million. On average, equities analysts forecast that Rackspace Hosting will post $0.83 earnings per share for the current year.
Rackspace Hosting, Inc. (NYSE:RAX) runs in the managed cloud section of the business information technology (IT) marketplace. The Organization offers a portfolio of integrated IT solutions for common business needs, including for ecommerce, Web content management, office post, info services, Website hosting and cooperation, and private clouds. Additionally, it offers advisory services for DevOps automation, security and conformity, program evaluation and migration, and technology strategy. The Business offers its solutions across an assortment of IT form factors, including multitenant public cloud, dedicated single – cloud that is private, renter servers, and hybrid cloud. It also produces managed services, and Fanatical Support across its entire product portfolio. The Company sells its services to business customers in more than 120 nations. The Company has operations located across the United States, along with in London, Amsterdam, Zurich, Hong Kong, Sydney and Mexico City.
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Source: Rackspace Hosting Trading 4.8% Higher Following Insider Buying Activity (RAX)
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