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 "
Several other analysts also recently issued reports on RAX. Bank of America raised shares of Rackspace Hosting from a neutral rating to a buy rating and reduced their price target for the company from $47.00 to $38.00 in a research report on Monday, November 2nd. Cowen and Company reissued a buy rating and issued a $52.00 price target (up previously from $48.00) on shares of Rackspace Hosting in a research report on Tuesday, November 10th. 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 research report on Tuesday, November 10th. William Blair reissued an outperform rating on shares of Rackspace Hosting in a research report on Tuesday, November 10th. Finally, Needham & Company LLC reissued a hold rating on shares of Rackspace Hosting in a research report on Tuesday, November 10th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $39.71.
In related news, CEO Taylor Rhodes sold 3,866 shares of the 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 sale, the chief executive officer now owns 261,674 shares in the company, valued at $7,250,986.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
A number of institutional investors have made changes to their positions in RAX. Janus Capital Management raised its position in shares of 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 in the last quarter. LGT Capital Partners acquired a new stake in shares of Rackspace Hosting during the fourth quarter worth about $9,879,000. Fox Run Management acquired a new stake in shares of Rackspace Hosting during the fourth quarter worth about $375,000. Acadian Asset Management increased its stake 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 worth $50,375,000 after buying an additional 1,989,529 shares during the period. Finally, Nordea Investment Management AB increased its stake in shares of Rackspace Hosting by 3,799.7% in the four th quarter. Nordea Investment Management 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 period.
Rackspace Hosting (NYSE:RAX) opened at 17.63 on Friday. Rackspace Hosting has a 52 week low of $16.38 and a 52 week high of $56.20. The firm has a 50-day moving average of $20.72 and a 200-day moving average of $26.51. The company has a market cap of $2.37 billion and a price-to-earnings ratio of 19.16.
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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