Zacks cut shares of Rackspace Hosting (NYSE:RAX) from a neutral rating to an underperform rating in a research report sent to investors on Tuesday morning, ARN reports. The firm currently has $47.50 price target on the stock.
Zacks has also taken action a number of other information technology stocks recently. The firm upgraded shares of TechTarget Inc. from an underperform rating to a neutral rating. The firm now has a $5.10 price target on that stock. Also, Zacks downgraded shares of Blucora Inc from an outperform rating to a neutral rating. Their analysts now have a $25.40 price target on that stock.
In other Rackspace Hosting news, COO Mark Roenigk sold 6,500 shares of the company’s stock on the open market in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $48.02, for a total value of $312,130.00. Following the completion of the sale, the chief operating officer now directly owns 47,440 shares in the company, valued at approximately $2,278,069. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
A number of other firms have also recently commented on RAX. Analysts at RBC Capital raised their price target on shares of Rackspace Hosting from $40.00 to $46.00 in a research note to investors on Monday, August 12th. They now have a sector perform rating on the stock. Separately, analysts at FBN Securities raised their price target on shares of Rackspace Hosting from $35.00 to $42.00 in a research note to investors on Friday, August 9th. They now have an underperform rating on the stock. Finally, analysts at Evercore Partners raised their price target on shares of Rackspace Hosting from $45.00 to $51.00 in a research note to investors on Friday, August 9th. They now have an equal weight rating on the stock. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $55.58.
Shares of Rackspace Hosting (NYSE:RAX) opened at 49.22 on Tuesday. Rackspace Hosting has a 52 week low of $33.91 and a 52 week high of $81.36. The stock has a 50-day moving average of $50.05 and a 200-day moving average of $44.56. The company has a market cap of $6.839 billion and a price-to-earnings ratio of 65.71.
Rackspace Hosting (NYSE:RAX) last released its earnings data on Thursday, August 8th. The company reported $0.18 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.13 by $0.05. The company had revenue of $376.00 million for the quarter, compared to the consensus estimate of $372.27 million. During the same quarter in the previous year, the company posted $0.18 earnings per share. The company’s revenue for the quarter was up 17.9% on a year-over-year basis. On average, analysts predict that Rackspace Hosting will post $0.68 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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