Rackspace Hosting Given New $37.00 Price Target at JPMorgan Chase & Co. (RAX)
Investment analysts at JPMorgan Chase & Co. lifted their target price on shares of Rackspace Hosting (NYSE:RAX) from $35.00 to $37.00 in a note issued to investors on Tuesday. JPMorgan Chase & Co.’s price target would suggest a potential upside of 18.17% from the company’s current price.
Shares of Rackspace Hosting (NYSE:RAX) traded down 5.78% on Tuesday, hitting $29.50. The stock had a trading volume of 12,609,995 shares. 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 $32.36 and a 200-day moving average of $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 unusually large options trading activity on Monday. Stock investors bought 11,336 call options on the company. This represents an increase of approximately 250% compared to the typical volume of 3,241 call options.
Rackspace Hosting (NYSE:RAX) last issued its quarterly earnings data on Monday, August 11th. The company reported $0.16 EPS for the quarter, meeting the Thomson Reuters 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 in the prior year, the company posted $0.18 earnings per share. The company’s quarterly revenue was up 17.3% on a year-over-year basis. On average, analysts predict that Rackspace Hosting will post $0.69 earnings per share for the current fiscal year.
RAX has been the subject of a number of other recent research reports. Analysts at Piper Jaffray cut their price target on shares of Rackspace Hosting from $45.00 to $43.00 in a research note on Tuesday. Separately, analysts at Davidson upgraded shares of Rackspace Hosting to a “neutral” rating in a research note on Monday, July 14th. Finally, 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 investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $40.58.
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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