Cowen and Company Increases Rackspace Hosting Price Target to $57.00 (RAX)
Research analysts at Cowen and Company increased their target price on shares of Rackspace Hosting (NYSE:RAX) from $52.00 to $57.00 in a report released on Tuesday, Analyst RN reports. The firm currently has an “outperform” rating on the stock. Cowen and Company’s target price indicates a potential upside of 107.05% from the stock’s previous close.
Shares of Rackspace Hosting (NYSE:RAX) opened at 27.53 on Tuesday. Rackspace Hosting has a 52-week low of $26.18 and a 52-week high of $54.20. The stock’s 50-day moving average is $30. and its 200-day moving average is $36.37. The company has a market cap of $3.905 billion and a P/E ratio of 45.13. Rackspace Hosting also was the recipient of some unusual options trading on Monday. Stock investors purchased 20,455 call options on the stock. This represents an increase of 502% compared to the typical daily volume of 3,396 call options.
Rackspace Hosting (NYSE:RAX) last released its earnings data on Monday, May 12th. The company reported $0.18 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.12 by $0.06. The company had revenue of $421.00 million for the quarter, compared to the consensus estimate of $419.63 million. During the same quarter in the prior year, the company posted $0.19 earnings per share. The company’s quarterly revenue was up 16.2% on a year-over-year basis. Analysts expect that Rackspace Hosting will post $0.62 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on RAX. Analysts at UBS AG cut their price target on shares of Rackspace Hosting from $38.00 to $34.00 in a research note on Tuesday. They now have a “neutral” rating on the stock. Separately, analysts at Oppenheimer cut their EPS estimates on shares of Rackspace Hosting in a research note on Tuesday. They now have an “outperform” rating and a $40.00 price target on the stock. They previously had a $49.00 price target on the stock. Finally, analysts at Canaccord Genuity cut their price target on shares of Rackspace Hosting from $39.00 to $35.00 in a research note on Tuesday. They now have a “hold” rating on the stock. One analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $42.27.
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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