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Saturday, August 6, 2016

Rackspace Hosting Inc. (RAX) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Rackspace Hosting Inc. (NYSE:RAX) from a sell rating to a hold rating in a report published on Saturday.

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 "

Other equities analysts have also issued reports about the company. Wells Fargo & Co. reissued a buy rating on shares of Rackspace Hosting in a research note on Saturday, June 4th. Vetr lowered Rackspace Hosting from a strong-buy rating to a buy rating and set a $27.60 price target for the company. in a research note on Wednesday, June 1st. Oppenheimer Holdings Inc. reissued a buy rating on shares of Rackspace Hosting in a research note on Tuesday, May 10th. Royal Bank Of Canada reissued a buy rating and set a $26.00 price target on shares of Rackspace Hosting in a research note on Tuesday, May 10th. Finally, Morgan Stanley reissued an equal weight rating and set a $26.00 price target 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 assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $29.74.

Several hedge funds have bought and sold shares of RAX. Advisory Services Network LLC boosted its stake in Rackspace Hosting by 10.3% in the second quarter. Advisory Services Network LLC now owns 5,361 shares of the hosting company's stock worth $112,000 after buying an additional 500 shares during the last quarter. LS Investment Advisors LLC boosted its stake in shares of Rackspace Hosting by 66.2% in the second quarter. LS Investment Advisors LLC now owns 6,426 shares of the hosting company's stock worth $134,000 after buying an additional 2,559 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Rackspace Hosting by 106.0% in the first quarter. Envestnet Asset Management Inc. now owns 6,980 shares of the hosting company's stock worth $151,000 after buying an additional 3,592 shares in the last quarter. Creative Planning boosted its stake in shares of Rackspace Hosting by 24.4% in the second quarter. Creative Planning now ow ns 9,530 shares of the hosting company's stock worth $199,000 after buying an additional 1,870 shares in the last quarter. Finally, Parametrica Management Ltd purchased a new stake in shares of Rackspace Hosting during the second quarter worth approximately $216,000.

Shares of Rackspace Hosting (NYSE:RAX) opened at 29.27 on Friday. Rackspace Hosting has a 52-week low of $15.05 and a 52-week high of $32.84. The company's 50 day moving average price is $22.71 and its 200 day moving average price is $22.11. The company has a market capitalization of $3.68 billion and a price-to-earnings ratio of 27.23.

Rackspace Hosting (NYSE:RAX) last announced its quarterly earnings results on Monday, May 9th. The hosting company reported $0.34 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.12. The firm had revenue of $518 million for the quarter, compared to the consensus estimate of $519.08 million. Rackspace Hosting's quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.20 earnings per share. On average, analysts predict that Rackspace Hosting will post $1.06 EPS for the current year.

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) Lifted to Hold at Zacks Investment Research

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