Rackspace Hosting, Inc. (RAX) Upgraded 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 "
Rackspace Hosting (NYSE:RAX) traded down 5.45% on Friday, hitting $19.94. 2,489,074 shares of the stock traded hands. Rackspace Hosting has a 52 week low of $17.22 and a 52 week high of $56.20. The firm has a market capitalization of $2.69 billion and a PE ratio of 21.67. The stock has a 50 day moving average of $21.97 and a 200 day moving average of $27.16.
RAX has been the subject of several other reports. RBC Capital upgraded shares of Rackspace Hosting from a sector perform rating to an outperform rating and increased their price objective for the stock from $28.62 to $36.00 in a research report on Tuesday, December 1st. Goldman Sachs reduced their price target on shares of Rackspace Hosting from $27.00 to $24.00 in a report on Monday, February 1st. Jefferies Group reduced their price target on shares of Rackspace Hosting from $38.00 to $33.00 and set a hold rating for the company in a report on Tuesday, November 10th. William Blair restated an outperform rating on shares of Rackspace Hosting in a report on Monday, October 12th. Finally, Barclays reduced their price target on shares of Rackspace Hosting from $39.00 to $35.00 and set an overweight rating for the company in a report on Wednesday, November 11th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirt een have issued a buy rating and two have issued a strong buy rating to the company's stock. Rackspace Hosting presently has an average rating of Buy and a consensus price target of $40.27.
In related news, VP Tiffany Lathe sold 4,500 shares of the business's stock in a transaction that occurred on Wednesday, November 11th. The shares were sold at an average price of $29.66, for a total transaction of $133,470.00. Following the completion of the transaction, the vice president now owns 35,564 shares of the company's stock, valued at $1,054,828.24. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Taylor Rhodes sold 3,866 shares of the business's stock in a transaction that occurred on Monday, November 16th. The shares were sold at an average price of $27.71, for a total transaction of $107,126.86. Following the transaction, the chief executive officer now directly owns 261,674 shares of the company's stock, valued at approximately $7,250,986.54. The disclosure for this sale can be found here.
A number of institutional investors have recently modified their holdings of RAX. Acadian Asset Management boosted its position in shares of 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 purchased a new position in shares of Rackspace Hosting during the fourth quarter valued at approximately $34,287,000. First Trust Advisors LP boosted its position in shares of 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. Russell Frank Co boosted its position in shares of Rackspace Hosting by 500.6% in the fourth quarter. Russell Frank Co now owns 597,020 shares of the hosting company's stock valued at $15,070,00 0 after buying an additional 497,608 shares in the last quarter. Finally, LGT Capital Partners purchased a new position in shares of Rackspace Hosting during the fourth quarter valued at approximately $9,879,000.
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) Upgraded at Zacks Investment Research
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