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Rackspace Hosting, Inc. (NYSE:RAX) Receives $31.74 Average Price Target from Analysts March 12th, 2016 - By Thomas Dobrow - 0 comments

Shares of Rackspace Hosting, Inc. (NYSE:RAX) have been assigned a consensus rating of "Hold" from the twenty-seven brokerages that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, fourteen have assigned a hold recommendation, eight have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $31.74.

A number of equities research analysts have commented on the company. Vetr upgraded Rackspace Hosting from a "sell" rating to a "hold" rating and set a $20.76 price target on the stock in a research report on Wednesday. Zacks Investment Research raised Rackspace Hosting from a "sell" rating to a "hold" rating in a research note on Saturday, February 20th. FBN Securities raised Rackspace Hosting from an "underperform" rating to a "sector perform" rating and dropped their price objective for the company from $30.00 to $21.00 in a research note on Wednesday, February 17th. JPMorgan Chase & Co. dropped their price objective on Rackspace Hosting from $34.00 to $22.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 17th. Finally, Goldman Sachs dropped their price objective on Rackspace Hosting from $24.00 to $21.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 17th.

Other institutional investors have recently made changes to their positions in the company. LGT Capital Partners purchased a new position in shares of Rackspace Hosting during the fourth quarter valued at $9,879,000. Nordea Investment Management AB raised its position in Rackspace Hosting by 3,799.7% in the fourth 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 last quarter. Janus Capital Management raised its position 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. Finally, Acadian Asset Management raised its position 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.

Rackspace Hosting (NYSE:RAX) opened at 21.15 on Wednesday. Rackspace Hosting has a 1-year low of $15.05 and a 1-year high of $56.20. The firm has a 50-day moving average price of $20.02 and a 200-day moving average price of $24.96. The company has a market capitalization of $2.77 billion and a P/E ratio of 23.50.

Rackspace Hosting (NYSE:RAX) last released its quarterly earnings results on Tuesday, February 16th. The hosting company reported $0.24 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 the consensus estimate of $521.53 million. The company's quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.26 EPS. On average, analysts forecast that Rackspace Hosting will post $0.96 EPS for the current fiscal 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. (NYSE:RAX) Receives $31.74 Average Price Target from Analysts