Oppenheimer Equities Analysts Cut Earnings Estimates for Rackspace Hosting, Inc. (RAX)
Other equities analysts have also recently issued research reports about the stock. RBC Capital reaffirmed a "buy" rating on shares of Rackspace Hosting in a research report on Saturday, January 16th. Bank of America reissued a "buy" rating on shares of Rackspace Hosting in a research report on Sunday, March 27th. Zacks Investment Research raised shares of Rackspace Hosting from a "sell" rating to a "hold" rating in a research report on Thursday. Pacific Crest reissued a "hold" rating on shares of Rackspace Hosting in a research report on Tuesday. Finally, Credit Suisse reissued a "neutral" rating and set a $20.00 target price on shares of Rackspace Hosting in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company's stock. Rackspace Hosting presently has a consensus rating of "Hold" and an a verage price target of $30.62.
Shares of Rackspace Hosting (NYSE:RAX) traded down 2.69% during midday trading on Thursday, hitting $22.82. The company had a trading volume of 2,496,383 shares. The stock has a market capitalization of $2.97 billion and a price-to-earnings ratio of 21.23. The stock's 50-day moving average price is $23.03 and its 200-day moving average price is $23.27. Rackspace Hosting has a one year low of $15.05 and a one year high of $44.88.
Rackspace Hosting (NYSE:RAX) last announced its quarterly earnings data on Monday, May 9th. The hosting company reported $0.34 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.12. The company had revenue of $518 million for the quarter, compared to analyst estimates of $519.08 million. The firm's revenue for the quarter was up 7.9% on a year-over-year basis. During the same period last year, the firm earned $0.20 earnings per share.
Other hedge funds have bought and sold shares of the company. Acadian Asset Management increased 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 valued at $50,375,000 after buying an additional 1,989,529 shares in the last quarter. 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 in the last quarter. Russell Frank Co increased 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 valued at $15,070,000 after buying an additional 497,608 shares in the last quarter. DIAM Co. Ltd. increased its stake in Rackspace Hosting by 902.8% in the fourth quarter. DIAM Co. Ltd. now owns 138,248 shares of the h osting company's stock valued at $3,500,000 after buying an additional 124,462 shares in the last quarter. Finally, Nordea Investment Management AB increased 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 valued at $3,132,000 after buying an additional 120,528 shares in the last quarter.
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: Oppenheimer Equities Analysts Cut Earnings Estimates for Rackspace Hosting, Inc. (RAX)
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