Insider Selling: Rackspace Hosting VP Unloads 508 Shares of Stock (RAX)
Rackspace Hosting (NYSE:RAX) VP Tiffany Lathe sold 508 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $29.81, for a total value of $15,143.48. Following the completion of the transaction, the vice president now directly owns 10,759 shares in the company, valued at approximately $320,726. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Rackspace Hosting (NYSE:RAX) traded up 3.68% during mid-day trading on Thursday, hitting $31.00. The stock had a trading volume of 4,143,022 shares. Rackspace Hosting has a 1-year low of $26.18 and a 1-year 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 $4.404 billion and a price-to-earnings ratio of 49.83. Rackspace Hosting also was the target of unusually large options trading activity on Monday. Traders purchased 11,336 call options on the stock. This is an increase of 250% compared to the average daily 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 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 $0.67 EPS for the current fiscal year.
Several analysts have recently commented on the stock. 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 equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently 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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