Rackspace Hosting, Inc. (RAX) Lifted to “Sector Perform†at FBN Securities
Several other analysts have also recently issued reports on RAX. Bank of America upgraded Rackspace Hosting from a neutral rating to a buy rating and cut their target price for the stock from $47.00 to $38.00 in a research report on Monday, November 2nd. Cowen and Company reiterated a buy rating and set a $52.00 target price (up previously from $48.00) on shares of Rackspace Hosting in a research report on Tuesday, November 10th. Jefferies Group cut their target price on Rackspace Hosting from $38.00 to $33.00 and set a hold rating for the company in a research report on Tuesday, November 10th. William Blair reiterated an outperform rating on shares of Rackspace Hosting in a research report on Tuesday, November 10th. Finally, Needham & Company LLC reiterated a hold rating on shares of Rackspace Hosting in a research report on Tuesday, November 10th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. The company currently has an average rating of Buy and an average target price of $33.50.
Shares of Rackspace Hosting (NYSE:RAX) traded up 0.80% during trading on Wednesday, hitting $20.19. The company had a trading volume of 2,684,874 shares. Rackspace Hosting has a 52 week low of $15.05 and a 52 week high of $56.20. The stock's 50-day moving average price is $19.97 and its 200 day moving average price is $26.02. The company has a market capitalization of $2.69 billion and a P/E ratio of 22.43.
Rackspace Hosting (NYSE:RAX) last released its earnings results on Tuesday, February 16th. The hosting company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. During the same quarter in the prior year, the business posted $0.26 EPS. The business had revenue of $522.80 million for the quarter, compared to analysts' expectations of $521.53 million. The business's revenue for the quarter was up 10.7% compared to the same quarter last year. On average, equities research analysts forecast that Rackspace Hosting will post $0.97 earnings per share for the current year.
Several hedge funds and institutional investors recently made changes to their positions in RAX. U S Global Investors Inc. bought a new position in shares of Rackspace Hosting during the fourth quarter worth about $1,104,000. Globeflex Capital L P increased its position in shares of 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 shares of 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 shares of Rackspace Hosting during the fourth quarter worth about $1,583,000. Finally, Matarin Capital Management LLC bought a new position in shares of Rackspace Hosting durin g the fourth quarter worth about $1,842,000.
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) Lifted to "Sector Perform" at FBN Securities
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