Rackspace Hosting, Inc. (RAX) Raised to “Hold†at Zacks Investment Research
According to Zacks, "As the world's leader and specialist in hosting, Rackspace Hosting is changing the way businesses worldwide buy IT. Rackspace delivers computing-as-a-service, integrating the industry's best technologies into a flexible service offering, making computing more reliable and affordable. A trusted partner to companies of all sizes, Rackspace enables IT departments to be more effective. Rackspace is distinguished by its award-winning Fanatical Support, furthering the company's mission to be one of the world's greatest service companies. Rackspace featured in the top 30 of both the Sunday Times 100 Best companies to work for list and the Financial Times Great Place to Work Awards, 2008. Rackspace's portfolio of hosted services includes managed hosting, email hosting and cloud hosting "
Shares of Rackspace Hosting (NYSE:RAX) traded down 5.45% during midday trading on Friday, reaching $19.94. The company's stock had a trading volume of 2,489,074 shares. The company's 50-day moving average price is $21.97 and its 200 day moving average price is $27.16. Rackspace Hosting has a 12-month low of $17.22 and a 12-month high of $56.20. The company has a market capitalization of $2.69 billion and a P/E ratio of 21.67.
Several hedge funds have bought and sold shares of the company. Janus Capital Management raised its stake in Rackspace Hosting by 1.6% in the third quarter. Janus Capital Management now owns 825,700 shares of the hosting company's stock worth $20,378,000 after buying an additional 12,732 shares during the last quarter. LGT Capital Partners acquired a new stake in Rackspace Hosting during the fourth quarter worth approximately $9,879,000. Fox Run Management acquired a new stake in Rackspace Hosting during the fourth quarter worth approximately $375,000. Acadian Asset Management raised its stake in Rackspace Hosting by 3,208,917.7% in the fourth quarter. Acadian Asset Management now owns 1,989,591 shares of the hosting company's stock worth $50,375,000 after buying an additional 1,989,529 shares during the last quarter. Finally, Nordea Investment Management AB raised its stake in Rackspace Hosting by 3,799.7% in the fourth quarter. Nordea Investment Man agement AB now owns 123,700 shares of the hosting company's stock worth $3,132,000 after buying an additional 120,528 shares during the last quarter.
A number of other equities analysts have also recently issued reports on RAX. Goldman Sachs cut their price objective on Rackspace Hosting from $27.00 to $24.00 in a report on Monday, February 1st. Cowen and Company restated a "buy" rating and set a $52.00 target price (up from $48.00) on shares of Rackspace Hosting in a report on Tuesday, November 10th. Bank of America upgraded Rackspace Hosting from a "neutral" rating to a "buy" rating and dropped their target price for the company from $47.00 to $38.00 in a report on Monday, November 2nd. Oppenheimer assumed coverage on Rackspace Hosting in a report on Tuesday, November 10th. They set a "buy" rating and a $43.00 target price for the company. Finally, Stifel Nicolaus restated a "buy" rating on shares of Rackspace Hosting in a report on Tuesday, November 10th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and two have issu ed a strong buy rating to the company's stock. The stock currently has a consensus rating of "Buy" and an average target price of $40.27.
In other Rackspace Hosting news, CEO Taylor Rhodes sold 3,866 shares of Rackspace Hosting stock in a transaction on Monday, November 16th. The stock was sold at an average price of $27.71, for a total value of $107,126.86. Following the completion of the sale, the chief executive officer now owns 261,674 shares of the company's stock, valued at approximately $7,250,986.54. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Tiffany Lathe sold 4,500 shares of Rackspace Hosting stock in a transaction on Wednesday, November 11th. The stock was sold at an average price of $29.66, for a total value of $133,470.00. Following the completion of the sale, the vice president now directly owns 35,564 shares of the company's stock, valued at approximately $1,054,828.24. The disclosure for this sale can be found here.
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.
Get a free copy of the Zacks research report on Rackspace Hosting (RAX)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
This story was originally published by Financial Market News (http://www.financial-market-news.com) and is the sole property of Financial Market News. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at http://www.financial-market-news.com/rackspace-hosting-inc-rax-raised-to-hold-at-zacks-investment-research-3/804754/
Receive News & Ratings for Rackspace Hosting Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rackspace Hosting Inc. and related companies with MarketBeat.com's FREE daily email newsletter.
Advertisement AdvertisementSource: Rackspace Hosting, Inc. (RAX) Raised to "Hold" at Zacks Investment Research
0 comments:
Post a Comment