Insider Selling: Rackspace Hosting SVP Sells 1,298 Shares of Stock (RAX)
Rackspace Hosting (NYSE:RAX) SVP Taylor Rhodes sold 1,298 shares of Rackspace Hosting stock on the open market in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $50.41, for a total value of $65,432.18. Following the sale, the senior vice president now directly owns 21,102 shares in the company. The sale was disclosed in a filing with the SEC, which is available at this link.
A number of analysts have recently weighed in on RAX shares. Analysts at RBC Capital raised their price target on shares of Rackspace Hosting (NYSE:RAX) from $40.00 to $46.00 in a research note to investors on Monday, August 12th. They now have a “sector perform” rating on the stock. Separately, analysts at FBN Securities raised their price target on shares of Rackspace Hosting (NYSE:RAX) from $35.00 to $42.00 in a research note to investors on Friday, August 9th. They now have an “underperform” rating on the stock. Finally, analysts at Evercore Partners raised their price target on shares of Rackspace Hosting (NYSE:RAX) from $45.00 to $51.00 in a research note to investors on Friday, August 9th. They now have an “equal weight” rating on the stock.
Two research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $56.13.
Shares of Rackspace Hosting (NYSE:RAX) traded down 0.71% on Friday, hitting $51.71. 1,876,056 shares of the company’s stock traded hands. Rackspace Hosting has a one year low of $33.91 and a one year high of $81.36. The stock’s 50-day moving average is $46.1 and its 200-day moving average is $44.96. The company has a market cap of $7.184 billion and a P/E ratio of 69.53.
Rackspace Hosting (NYSE:RAX) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.18 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.13 by $0.05. The company had revenue of $376.00 million for the quarter, compared to the consensus estimate of $372.27 million. During the same quarter in the prior year, the company posted $0.18 earnings per share. The company’s quarterly revenue was up 17.9% on a year-over-year basis. On average, analysts predict that Rackspace Hosting will post $0.68 earnings per share for the current fiscal year.
Rackspace Hosting, Inc, is the open cloud company. The Company offers a diverse portfolio of cloud computing services, including public, dedicated and private cloud, and hybrid hosting.
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