Rackspace Hosting, Inc. (RAX) Rating Lowered to Hold at Vetr Inc.
Shares of Rackspace Hosting (NYSE:RAX) traded down 0.38% during midday trading on Wednesday, reaching $23.77. The company's stock had a trading volume of 1,374,711 shares. The company has a 50 day moving average of $21.12 and a 200-day moving average of $23.74. The stock has a market capitalization of $3.11 billion and a price-to-earnings ratio of 26.41. Rackspace Hosting has a 52 week low of $15.05 and a 52 week high of $56.20.
Rackspace Hosting (NYSE:RAX) last posted its quarterly earnings results on Tuesday, February 16th. The hosting company reported $0.24 earnings per share for the quarter, topping the Zacks' consensus estimate of $0.23 by $0.01. During the same period in the prior year, the business earned $0.26 EPS. The company had revenue of $522.80 million for the quarter, compared to analysts' expectations of $521.53 million. The business's revenue for the quarter was up 10.7% on a year-over-year basis. Equities research analysts predict that Rackspace Hosting will post $0.96 earnings per share for the current year.
Several hedge funds and institutional investors have added to or reduced their stakes in RAX. LGT Capital Partners acquired a new position in Rackspace Hosting during the fourth quarter valued at about $9,879,000. Nordea Investment Management AB boosted its stake in shares of 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 in the last quarter. Columbus Circle Investors bought a new stake in shares of Rackspace Hosting during the fourth quarter worth $34,287,000. Janus Capital Management increased 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 during the last quarter. Finally, First Trust Advisors LP increased 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 during the last quarter.
RAX has been the topic of a number of other research reports. RBC Capital reduced their target price on Rackspace Hosting from $36.00 to $31.00 and set an "outperform" rating on the stock in a report on Friday, January 15th. Wells Fargo reaffirmed an "outperform" rating on shares of Rackspace Hosting in a research note on Monday, March 14th. Cowen and Company reiterated a "buy" rating and set a $36.00 target price (down previously from $52.00) on shares of Rackspace Hosting in a report on Wednesday, February 17th. SunTrust reissued a "sector weight" rating on shares of Rackspace Hosting in a research report on Wednesday, February 17th. Finally, Credit Agricole lowered shares of Rackspace Hosting from an "underperform" rating to a "sell" rating and set a $17.00 price target on the stock. in a report on Thursday, March 31st. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, nine have assigned a buy rating a nd two have issued a strong buy rating to the stock. Rackspace Hosting currently has an average rating of "Hold" and an average target price of $33.33.
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.
To view Vetr's full report, visit Vetr's official website.
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Source: Rackspace Hosting, Inc. (RAX) Rating Lowered to Hold at Vetr Inc.
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