Rackspace Hosting, Inc. (RAX) Downgraded by Credit Suisse
A number of other brokerages have also issued reports on RAX. RBC Capital lowered their target price on shares of Rackspace Hosting from $36.00 to $31.00 and set an outperform rating on the stock in a research report on Friday, January 15th. Bank of America upgraded shares of Rackspace Hosting from a neutral rating to a buy rating and lowered their target price for the stock from $47.00 to $38.00 in a research report on Monday, November 2nd. Needham & Company LLC restated a hold rating on shares of Rackspace Hosting in a research report on Tuesday, November 10th. Zacks Investment Research restated a hold rating on shares of Rackspace Hosting in a research report on Monday, February 1st. Finally, Oppenheimer started coverage on shares of Rackspace Hosting in a research report on Tuesday, November 10th. They set a buy rating and a $43.00 target price on the stock. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, ten have given a buy ratin g and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $33.50.
A number of hedge funds and institutional investors have recently made changes to their positions in the stock. U S Global Investors Inc. purchased a new position in shares of Rackspace Hosting during the fourth quarter valued at $1,104,000. Globeflex Capital L P increased its position in Rackspace Hosting by 31.2% in the fourth quarter. Globeflex Capital L P now owns 45,822 shares of the hosting company's stock worth $1,160,000 after buying an additional 10,885 shares in the last quarter. Profund Advisors LLC increased its position in Rackspace Hosting by 42.8% in the fourth quarter. Profund Advisors LLC now owns 59,364 shares of the hosting company's stock worth $1,503,000 after buying an additional 17,798 shares in the last quarter. BlueMar Capital Management LLC bought a new position in Rackspace Hosting during the fourth quarter worth approximately $1,583,000. Finally, Matarin Capital Management LLC bought a new position in Rackspace Hosting during the fourth qua rter worth approximately $1,842,000.
Shares of Rackspace Hosting (NYSE:RAX) opened at 20.19 on Wednesday. The firm has a market capitalization of $2.69 billion and a PE ratio of 22.43. 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 of $19.98 and a 200-day moving average of $25.83.
Rackspace Hosting (NYSE:RAX) last announced its earnings results on Tuesday, February 16th. The hosting company reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.01. The business had revenue of $522.80 million for the quarter, compared to analysts' expectations of $521.53 million. The business's revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business posted $0.26 earnings per share. On average, equities research analysts anticipate that Rackspace Hosting will post $0.97 EPS for the current fiscal year.
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) Downgraded by Credit Suisse
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