Piper Jaffray Lowers Rackspace Hosting Price Target to $43.00 (RAX)
Analysts at Piper Jaffray lowered their price target on shares of Rackspace Hosting (NYSE:RAX) from $45.00 to $43.00 in a research report issued to clients and investors on Tuesday. Piper Jaffray’s price objective suggests a potential upside of 37.34% from the company’s current price.
A number of other firms have also recently commented on RAX. Analysts at Davidson upgraded shares of Rackspace Hosting to a “neutral” rating in a research note on Monday, July 14th. Separately, analysts at DA Davidson upgraded shares of Rackspace Hosting from an “underperform” rating to a “neutral” rating in a research note on Monday, July 14th. They now have a $33.00 price target on the stock, down previously from $43.00. They noted that the move was a valuation call. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $40.58.
Rackspace Hosting (NYSE:RAX) traded down 5.78% on Tuesday, hitting $29.50. 12,609,995 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’s 50-day moving average is $32.36 and its 200-day moving average is $33.59. The company has a market cap of $4.191 billion and a price-to-earnings ratio of 52.18. Rackspace Hosting also was the recipient of some unusual options trading on Monday. Stock traders bought 11,336 call options on the company. This is an increase of approximately 250% compared to the average volume of 3,241 call options.
Rackspace Hosting (NYSE:RAX) last posted its quarterly earnings results on Monday, August 11th. The company reported $0.16 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.16. The company had revenue of $441.10 million for the quarter, compared to the consensus estimate of $437.00 million. During the same quarter last year, the company posted $0.18 earnings per share. Rackspace Hosting’s revenue was up 17.3% compared to the same quarter last year. Analysts expect that Rackspace Hosting will post $0.69 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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