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Rackspace Hosting, Inc. (RAX) Sets New 52-Week Low Following Analyst Downgrade February 18th, 2016 - By Samantha Reynolds - 0 comments

Rackspace Hosting, Inc. (NYSE:RAX) shares reached a new 52-week low during trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $34.00 to $22.00, ARN reports. JPMorgan Chase & Co. currently has a neutral rating on the stock. Rackspace Hosting traded as low as $15.05 and last traded at $18.62, with a volume of 10,571,643 shares traded. The stock had previously closed at $18.17.

Several other research analysts have also commented on the stock. JMP Securities dropped their price objective on shares of Rackspace Hosting from $55.00 to $44.00 in a research note on Tuesday. Zacks Investment Research raised shares of Rackspace Hosting from a "sell" rating to a "hold" rating in a research note on Sunday, February 7th. Credit Agricole reissued an "underperform" rating and set a $23.00 target price (down from $27.00) on shares of Rackspace Hosting in a research note on Tuesday, November 24th. Goldman Sachs assumed coverage on shares of Rackspace Hosting in a research note on Monday, December 21st. They set a "neutral" rating and a $27.00 target price for the company. Finally, Bank of America raised shares of Rackspace Hosting from a "neutral" rating to a "buy" rating and lowered their target price for the company from $47.00 to $38.00 in a research note on Monday, November 2nd. One investment analyst has rated the stock with a sell ratin g, thirteen have assigned a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of "Buy" and an average target price of $34.00.

Other large investors recently added to or reduced their stakes in the company. First Trust Advisors LP raised its stake in Rackspace Hosting by 60.2% in the fourth quarter. First Trust Advisors LP now owns 3,333,175 shares of the hosting company's stock valued at $84,396,000 after buying an additional 1,252,932 shares in the last quarter. 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 valued at $50,375,000 after buying an additional 1,989,529 shares in the last quarter. Columbus Circle Investors bought a new stake in Rackspace Hosting during the fourth quarter valued at approximately $34,287,000. Old Mutual Global Investors UK Ltd. raised its stake in Rackspace Hosting by 2,163.2% in the fourth quarter. Old Mutual Global Investors UK Ltd. now owns 949,271 shares of the hosting company's stock valued at $24,035,000 after buying an ad ditional 907,328 shares in the last quarter. Finally, 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 valued at $20,378,000 after buying an additional 12,732 shares in the last quarter.

The company has a 50 day moving average of $20.26 and a 200-day moving average of $26.16. The company has a market cap of $2.52 billion and a price-to-earnings ratio of 20.34.

Rackspace Hosting (NYSE:RAX) last posted its quarterly earnings results on Tuesday, February 16th. The hosting company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.01. The company earned $522.80 million during the quarter, compared to analyst estimates of $521.53 million. Rackspace Hosting's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.26 EPS. Equities research analysts forecast that Rackspace Hosting, Inc. will post $0.97 earnings per share for the current 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) Sets New 52-Week Low Following Analyst Downgrade