Convergence Investment Partners buys $7,457,639 stake in Rackspace Hosting (RAX)

Rackspace Hosting (RAX) : Convergence Investment Partners scooped up 50,720 additional shares in Rackspace Hosting during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 10, 2016. The investment management firm now holds a total of 254,962 shares of Rackspace Hosting which is valued at $7,457,639.Rackspace Hosting makes up approximately 0.98% of Convergence Investment Partners’s portfolio.

Other Hedge Funds, Including , Vanguard Group Inc reduced its stake in RAX by selling 27,272 shares or 0.32% in the most recent quarter. The Hedge Fund company now holds 8,367,055 shares of RAX which is valued at $244,736,359. Rackspace Hosting makes up approx 0.01% of Vanguard Group Inc’s portfolio.State Treasurer State Of Michigan reduced its stake in RAX by selling 1,500 shares or 3.38% in the most recent quarter. The Hedge Fund company now holds 42,900 shares of RAX which is valued at $993,564. Rackspace Hosting makes up approx 0.01% of State Treasurer State Of Michigan’s portfolio. Her Majesty The Queen In Right Of The Province Of Alberta… added RAX to its portfolio by purchasing 15,200 company shares during the most recent quarter which is valued at $352,032.Rathbone Brothers Plc reduced its stake in RAX by selling 300 shares or 2.65% in the most recent quarter. The Hedge Fund company now holds 11,010 shares of RAX which is valued at $254,992. Rackspace Hosting makes up approx 0.01% of Rathbone Brothers Plc’s portfolio. Quantitative Systematic Strategies sold out all of its stake in RAX during the most recent quarter. The investment firm sold 62,975 shares of RAX which is valued $1,475,504.

Rackspace Hosting closed down -0.17 points or -0.61% at $27.6 with 17,54,359 shares getting traded on Friday. Post opening the session at $28.01, the shares hit an intraday low of $27.29 and an intraday high of $28.01 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Rackspace Hosting reported $0.28 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Aug 8, 2016. Analyst had a consensus of $0.22. The company had revenue of $523.60 million for the quarter, compared to analysts expectations of $521.08 million. The company’s revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 EPS.

Many Wall Street Analysts have commented on Rackspace Hosting. Company shares were Reiterated by RBC Capital Mkts on Aug 10, 2016 to “Outperform”, Firm has raised the Price Target to $ 33 from a previous price target of $26 .Company shares were Reiterated by FBN Securities on Aug 9, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 26 from a previous price target of $21 .

Rackspace Hosting Inc. (Rackspace) operates in the managed cloud segment of the business information technology (IT) market. The Company offers a portfolio of integrated IT solutions for common business needs including for e-commerce Web content management Website hosting data services office mail and collaboration and private clouds. It also offers advisory services for technology strategy security and compliance application assessment and migration and DevOps automation. The Company also offers its solutions across a variety of IT form factors including multi-tenant public cloud dedicated single-tenant servers private cloud and hybrid cloud. It also delivers managed services and Fanatical Support across its entire product portfolio. The Company sells its services to business customers in more than 120 countries. The Company has operations located across the United States as well as in London Amsterdam Zurich Hong Kong Sydney and Mexico City.

Leave a Reply

Rackspace Hosting - Is it time to Sell?

Top Brokerage Firms are advising their investors on Rackspace Hosting. Subscribe to MoneyFlowIndex.Org Pre-Market Alerts, You will be the first to know the street buzz.