Rackspace Hosting, Inc. (RAX) Stock Rating Upgraded by Zacks Investment Research
Rackspace Hosting, Inc. (NYSE:RAX) was upgraded by Zacks Investment Research from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Thursday.
According to Zacks, "As the world's leader and specialist in hosting, Rackspace Hosting is changing the way businesses worldwide buy IT. Rackspace delivers computing-as-a-service, integrating the industry's best technologies into a flexible service offering, making computing more reliable and affordable. A trusted partner to companies of all sizes, Rackspace enables IT departments to be more effective. Rackspace is distinguished by its award-winning Fanatical Support, furthering the company's mission to be one of the world's greatest service companies. Rackspace featured in the top 30 of both the Sunday Times 100 Best companies to work for list and the Financial Times Great Place to Work Awards, 2008. Rackspace's portfolio of hosted services includes managed hosting, email hosting and cloud hosting "
Several other equities research analysts have also issued reports on RAX. Bank of America restated a "buy" rating on shares of Rackspace Hosting in a research note on Sunday, March 27th. Oppenheimer reiterated a "buy" rating on shares of Rackspace Hosting in a research note on Tuesday, May 10th. RBC Capital reduced their price objective on shares of Rackspace Hosting from $31.00 to $26.00 and set an "outperform" rating for the company in a research note on Wednesday, February 17th. Vetr lowered shares of Rackspace Hosting from a "buy" rating to a "hold" rating and set a $24.45 price objective for the company. in a research note on Wednesday, April 6th. Finally, Credit Suisse reiterated a "neutral" rating and issued a $20.00 price objective on shares of Rackspace Hosting in a research note on Tuesday, May 10th. 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 stock. The stock currently has a consensus rating of "Hold" and a consensus price target of $30.62.
Several institutional investors recently made changes to their positions in RAX. Pacad Investment Ltd. boosted its position in shares of Rackspace Hosting by 1.9% in the first quarter. Pacad Investment Ltd. now owns 42,235 shares of the hosting company's stock valued at $912,000 after buying an additional 778 shares in the last quarter. Cowen Group Inc. boosted its position in shares of Rackspace Hosting by 0.8% in the fourth quarter. Cowen Group Inc. now owns 193,291 shares of the hosting company's stock valued at $4,894,000 after buying an additional 1,486 shares in the last quarter. LGT Capital Partners LTD. boosted its position in shares of Rackspace Hosting by 0.5% in the first quarter. LGT Capital Partners LTD. now owns 392,180 shares of the hosting company's stock valued at $8,467,000 after buying an additional 2,000 shares in the last quarter. Ramsey Quantitative Systems boosted its position in shares of Rackspace Hosting by 10.7% in the first quarter. Ramsey Quantitative Systems now owns 21,073 shares of the hosting company's stock valued at $455,000 after buying an additional 2,034 shares in the last quarter. Finally, UBS Group AG boosted its position in shares of Rackspace Hosting by 2.6% in the first quarter. UBS Group AG now owns 105,394 shares of the hosting company's stock valued at $2,276,000 after buying an additional 2,676 shares in the last quarter.
Shares of Rackspace Hosting (NYSE:RAX) traded up 0.35% on Thursday, reaching $22.79. The company's stock had a trading volume of 136,026 shares. The company's 50 day moving average is $23.19 and its 200-day moving average is $23.25. The stock has a market cap of $2.87 billion and a PE ratio of 21.20. Rackspace Hosting has a 1-year low of $15.05 and a 1-year high of $44.69.
Rackspace Hosting (NYSE:RAX) last issued its quarterly earnings results on Monday, May 9th. The hosting company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters' consensus estimate of $0.22 by $0.12. During the same quarter in the previous year, the business earned $0.20 EPS. The company had revenue of $518 million for the quarter, compared to analysts' expectations of $519.08 million. The company's revenue for the quarter was up 7.9% on a year-over-year basis. On average, equities analysts predict that Rackspace Hosting will post $1.06 earnings per share 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. (RAX) Stock Rating Upgraded by Zacks Investment Research
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