Rackspace Hosting, Inc. (RAX) Upgraded at Zacks Investment Research
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 analysts also recently commented on the company. JMP Securities dropped their price objective on Rackspace Hosting from $55.00 to $44.00 in a research note on Tuesday, February 16th. Wells Fargo reiterated an "outperform" rating on shares of Rackspace Hosting in a research note on Monday, March 14th. Vetr upgraded Rackspace Hosting from a "hold" rating to a "buy" rating and set a $20.76 price objective on the stock in a research note on Wednesday, February 24th. FBN Securities upgraded Rackspace Hosting from an "underperform" rating to a "sector perform" rating and dropped their price objective for the company from $30.00 to $21.00 in a research note on Wednesday, February 17th. Finally, Goldman Sachs dropped their price objective on Rackspace Hosting from $27.00 to $24.00 in a research note on Monday, February 1st. One equities research 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 currently has an average rating of "Hold" and an average price target of $30.62.
Other institutional investors have made changes to their positions in the company. JPMorgan Chase & Co. increased its position in shares of Rackspace Hosting by 306.2% in the first quarter. JPMorgan Chase & Co. now owns 327,638 shares of the hosting company's stock worth $7,074,000 after buying an additional 246,984 shares in the last quarter. Prudential Financial Inc. increased its position in shares of Rackspace Hosting by 120.1% in the first quarter. Prudential Financial Inc. now owns 1,016,019 shares of the hosting company's stock worth $21,935,000 after buying an additional 554,480 shares in the last quarter. Teachers Advisors Inc. increased its position in shares of Rackspace Hosting by 13.6% in the first quarter. Teachers Advisors Inc. now owns 614,330 shares of the hosting company's stock worth $13,263,000 after buying an additional 73,746 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. acquired a n ew position in shares of Rackspace Hosting during the first quarter worth $7,549,000. Finally, Pacad Investment Ltd. increased 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 worth $912,000 after buying an additional 778 shares in the last quarter.
Shares of Rackspace Hosting (NYSE:RAX) opened at 23.45 on Thursday. The firm's 50-day moving average price is $23.03 and its 200-day moving average price is $23.27. Rackspace Hosting has a 12 month low of $15.05 and a 12 month high of $44.88. The firm has a market capitalization of $3.07 billion and a price-to-earnings ratio of 26.06.
Rackspace Hosting (NYSE:RAX) last announced its earnings results on Monday, May 9th. The hosting company reported $0.34 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.12. During the same quarter in the previous year, the firm earned $0.20 EPS. The business earned $518 million during the quarter, compared to analysts' expectations of $519.08 million. Rackspace Hosting's quarterly revenue was up 7.9% on a year-over-year basis. On average, equities analysts anticipate that Rackspace Hosting will post $0.96 earnings per share for the current 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) Upgraded at Zacks Investment Research
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