Rackspace Hosting (NYSE:RAX) had its price target reduced by Evercore Partners from $56.00 to $52.50 in a research report sent to investors on Tuesday morning, AR Network reports. The firm currently has an equal weight rating on the stock.
Rackspace Hosting (NYSE:RAX) traded down 1.84% during mid-day trading on Tuesday, hitting $42.65. 3,381,832 shares of the company’s stock traded hands. Rackspace Hosting has a 1-year low of $33.91 and a 1-year high of $81.36. The stock has a 50-day moving average of $50.39 and a 200-day moving average of $44.9. The company has a market cap of $5.926 billion and a price-to-earnings ratio of 58.01. Rackspace Hosting also saw some unusual options trading activity on Monday. Stock investors purchased 21,687 call options on the company. This is an increase of 815% compared to the typical volume of 2,370 call options.
Rackspace Hosting (NYSE:RAX) last announced its earnings results on Monday, November 11th. The company reported $0.11 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.16 by $0.05. The company had revenue of $389.00 million for the quarter, compared to the consensus estimate of $387.50 million. During the same quarter last year, the company posted $0.19 earnings per share. Rackspace Hosting’s revenue was up 15.7% compared to the same quarter last year. On average, analysts predict that Rackspace Hosting will post $0.61 earnings per share for the current fiscal year.
RAX has been the subject of a number of other recent research reports. Analysts at Cowen and Company raised their price target on shares of Rackspace Hosting from $52.00 to $54.00 in a research note to investors on Tuesday. They now have an outperform rating on the stock. Separately, analysts at Goldman Sachs Group Inc. reiterated an in-line rating on shares of Rackspace Hosting in a research note to investors on Tuesday. Finally, analysts at Oppenheimer upgraded shares of Rackspace Hosting from a market perform rating to an outperform rating in a research note to investors on Wednesday, October 23rd. They now have a $62.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $56.71.
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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