Rackspace Hosting Upgraded to “Neutral” by Davidson (RAX)
A number of other analysts have also recently weighed in on RAX. Analysts at DA Davidson upgraded shares of Rackspace Hosting from an “underperform” rating to a “neutral” rating in a research note on Monday. They now have a $33.00 price target on the stock, down previously from $43.00. Finally, analysts at JPMorgan Chase & Co. initiated coverage on shares of Rackspace Hosting in a research note on Thursday, May 15th. They set an “overweight” rating and a $35.00 price target on the stock. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the company’s stock. Rackspace Hosting has an average rating of “Hold” and a consensus target price of $41.04.
Rackspace Hosting (NYSE:RAX) traded up 0.94% during mid-day trading on Monday, hitting $32.15. 2,106,378 shares of the company’s stock traded hands. Rackspace Hosting has a 52 week low of $26.18 and a 52 week high of $54.20. The stock has a 50-day moving average of $36.03 and a 200-day moving average of $34.64. The company has a market cap of $4.568 billion and a price-to-earnings ratio of 53.08. Rackspace Hosting also saw a significant increase in short interest in June. As of June 30th, there was short interest totalling 13,134,836 shares, an increase of 27.6% from the June 13th total of 10,292,820 shares. Based on an average daily volume of 3,022,151 shares, the days-to-cover ratio is presently 4.3 days. Approximately 11.2% of the company’s shares are short sold.
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 $0.68 EPS 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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