Jefferies Group Research Analysts Lift Earnings Estimates for Rackspace Hosting, Inc. (RAX)
Several other equities analysts also recently weighed in on RAX. RBC Capital lowered their price target on shares of Rackspace Hosting from $36.00 to $31.00 and set an "outperform" rating on the stock in a report on Friday, January 15th. Zacks Investment Research downgraded shares of Rackspace Hosting from a "hold" rating to a "sell" rating in a report on Sunday, January 24th. Goldman Sachs lowered their price target on shares of Rackspace Hosting from $27.00 to $24.00 in a report on Monday, February 1st. JMP Securities lowered their price target on shares of Rackspace Hosting from $55.00 to $44.00 in a report on Tuesday, February 16th. Finally, Credit Suisse downgraded shares of Rackspace Hosting from an "outperform" rating to a "neutral" rating and lowered their price target for the company from $50.00 to $22.00 in a report on Wednesday, February 17th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of "Hold" and an average target price of $30.62.
Rackspace Hosting (NYSE:RAX) opened at 22.71 on Thursday. The firm has a market cap of $2.96 billion and a P/E ratio of 21.13. Rackspace Hosting has a 12-month low of $15.05 and a 12-month high of $44.69. The firm's 50-day moving average price is $23.19 and its 200 day moving average price is $23.25.
Rackspace Hosting (NYSE:RAX) last posted its quarterly earnings data on Monday, May 9th. The hosting company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.12. The firm had revenue of $518 million for the quarter, compared to analyst estimates of $519.08 million. During the same period in the prior year, the company posted $0.20 EPS. The firm's quarterly revenue was up 7.9% compared to the same quarter last year.
A number of hedge funds have added to or reduced their stakes in RAX. Nordea Investment Management AB raised its stake 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 period. DIAM Co. Ltd. raised its stake in Rackspace Hosting by 902.8% in the fourth quarter. DIAM Co. Ltd. now owns 138,248 shares of the hosting company's stock worth $3,500,000 after buying an additional 124,462 shares during the period. Russell Frank Co raised its stake in Rackspace Hosting by 500.6% in the fourth quarter. Russell Frank Co now owns 597,020 shares of the hosting company's stock worth $15,070,000 after buying an additional 497,608 shares during the period. 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 worth $20,378,000 after buying an additional 12,732 shares during the period. Finally, 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 worth $50,375,000 after buying an additional 1,989,529 shares during the period.
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: Jefferies Group Research Analysts Lift Earnings Estimates for Rackspace Hosting, Inc. (RAX)
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