Rackspace Hosting, Inc. Expected to Earn FY2017 Earnings of $0.95 Per Share (RAX)
Several other equities analysts have also weighed in on the stock. JMP Securities reduced their price target on shares of Rackspace Hosting from $55.00 to $44.00 in a research report on Tuesday, February 16th. Zacks Investment Research upgraded shares of Rackspace Hosting from a "sell" rating to a "hold" rating in a research report on Sunday, February 7th. Wells Fargo reiterated an "outperform" rating on shares of Rackspace Hosting in a research report on Monday, March 14th. Finally, Vetr upgraded shares of Rackspace Hosting from a "hold" rating to a "buy" rating and set a $20.76 target price for the company in a research report on Wednesday, February 24th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of "Hold" and an average price target of $30.62.
Rackspace Hosting (NYSE:RAX) traded up 0.26% on Wednesday, reaching $23.45. 3,904,336 shares of the company were exchanged. Rackspace Hosting has a 12-month low of $15.05 and a 12-month high of $46.29. The company's 50-day moving average price is $22.95 and its 200-day moving average price is $23.27. The stock has a market capitalization of $3.07 billion and a P/E ratio of 26.06.
Rackspace Hosting (NYSE:RAX) last released its earnings results on Monday, May 9th. The hosting company reported $0.34 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.12. During the same period last year, the business posted $0.20 EPS. The business earned $518 million during the quarter, compared to the consensus estimate of $519.08 million. The firm's revenue for the quarter was up 7.9% on a year-over-year basis.
Other institutional investors have modified their holdings of the company. Nordea Investment Management AB raised its position 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 during the period. DIAM Co. Ltd. raised its position in shares of 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 position in shares of 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. Acadian Asset Management raised its position 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, 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 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: Rackspace Hosting, Inc. Expected to Earn FY2017 Earnings of $0.95 Per Share (RAX)
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