Insider Selling: Rackspace Hosting CAO Sells 344 Shares of Stock (RAX)
Rackspace Hosting (NYSE:RAX) CAO Joseph Saporito sold 344 shares of the stock on the open market in a transaction dated Monday, August 11th. The stock was sold at an average price of $31.29, for a total value of $10,763.76. Following the sale, the chief accounting officer now directly owns 18,014 shares of the company’s stock, valued at approximately $563,658. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Rackspace Hosting (NYSE:RAX) traded up 1.36% on Wednesday, hitting $29.90. The stock had a trading volume of 2,484,634 shares. 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 $32.15 and its 200-day moving average is $33.57. The company has a market cap of $4.248 billion and a P/E ratio of 49.17. Rackspace Hosting also was the target of unusually large options trading on Monday. Stock investors purchased 11,336 call options on the company. This is an increase of approximately 250% compared to the typical daily 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 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. Analysts expect that Rackspace Hosting will post $0.67 EPS for the current fiscal year.
A number of research firms have recently commented on RAX. Analysts at Canaccord Genuity reiterated a “hold” rating on shares of Rackspace Hosting in a research note on Tuesday. They now have a $35.00 price target on the stock. Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of Rackspace Hosting from $35.00 to $37.00 in a research note on Tuesday. Finally, 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. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Rackspace Hosting has an average rating of “Hold” and an average target price 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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