Rackspace Hosting Inc. (RAX) Coverage Initiated by Analysts at SunTrust Banks Inc.
A number of hedge funds recently bought and sold shares of RAX. Pacad Investment Ltd. increased its stake in 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. increased its stake in 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. Creative Planning increased its stake in Rackspace Hosting by 24.4% in the second quarter. Creative Planning now owns 9,530 shares of the hosting company's stock valued at $199,000 after buying an additional 1,870 shares in the last quarter. LGT Capital Partners LTD. increased its stake in 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. Finally, Ramsey Quantitative Systems increased its stake in 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.
Shares of Rackspace Hosting (NYSE:RAX) opened at 23.39 on Thursday. Rackspace Hosting has a 52 week low of $15.05 and a 52 week high of $35.13. The company's 50 day moving average price is $22.50 and its 200-day moving average price is $21.90. The stock has a market capitalization of $2.94 billion and a PE ratio of 21.76.
Rackspace Hosting (NYSE:RAX) last posted its earnings results on Monday, May 9th. The hosting company reported $0.34 EPS for the quarter, beating the Zacks' consensus estimate of $0.22 by $0.12. The business earned $518 million during the quarter, compared to analysts' expectations of $519.08 million. During the same quarter in the prior year, the firm earned $0.20 EPS. Rackspace Hosting's revenue for the quarter was up 7.9% compared to the same quarter last year. Equities research analysts predict that Rackspace Hosting will post $1.06 EPS for the current year.
A number of other research firms also recently commented on RAX. Wells Fargo & Co. restated a buy rating on shares of Rackspace Hosting in a research report on Saturday, June 4th. Credit Agricole SA downgraded Rackspace Hosting from an underperform rating to a sell rating and set a $17.00 target price on the stock. in a research report on Thursday, March 31st. Royal Bank Of Canada restated a buy rating and issued a $26.00 target price on shares of Rackspace Hosting in a research report on Tuesday, May 10th. Jefferies Group restated a hold rating and issued a $21.00 target price on shares of Rackspace Hosting in a research report on Tuesday, May 10th. Finally, Vetr downgraded Rackspace Hosting from a buy rating to a sell rating and set a $24.00 target price on the stock. in a research report on Tuesday, June 7th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. The company currently has an average rating of Hold and a consensus target price of $29.74.
Rackspace Hosting, Inc (Rackspace) 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. The Company offers services for certain applications, including e-commerce and Web content management sites, business-productivity applications, such as e-mail and collaboration, and data stores.
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Source: Rackspace Hosting Inc. (RAX) Coverage Initiated by Analysts at SunTrust Banks Inc.
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