Insider Selling: Rackspace Hosting CFO Sells 488 Shares of Stock (RAX)
Rackspace Hosting (NYSE:RAX) CFO Karl Pichler sold 488 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $31.29, for a total transaction of $15,269.52. Following the transaction, the chief financial officer now directly owns 59,884 shares of the company’s stock, valued at approximately $1,873,770. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
RAX has been the subject of a number of recent research reports. 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 assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $40.58.
Rackspace Hosting (NYSE:RAX) traded down 0.58% on Friday, hitting $30.97. 670,129 shares of the company’s stock traded hands. 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 $31.99 and its 200-day moving average is $33.55. The company has a market cap of $4.429 billion and a P/E ratio of 51.92.
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 $0.67 earnings per share 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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