Rackspace Hosting (RAX) was Reiterated by FBN Securities to “Sector Perform” according to the research note released today. The brokerage firm has raised the Price Target to $ 26 from a previous price target of $21 . FBN Securities advised their investors in a research report released on Aug 9, 2016.
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.
Rackspace Hosting closed down -0.66 points or -2.25% at $28.61 with 33,05,113 shares getting traded on Monday. Post opening the session at $29.18, the shares hit an intraday low of $28.4 and an intraday high of $29.4599 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.
In a different news, on Jan 15, 2016, Taylor Rhodes (President & CEO) sold 14,325 shares at $20.24 per share price. According to the SEC, on Nov 12, 2015, Tiffany Lathe (VP and GC) sold 4,500 shares at $29.66 per share price. On Aug 19, 2015, Mark Roenigk (Chief Operating Officer) sold 3,371 shares at $29.90 per share price, according to the Form-4 filing with the securities and exchange commission.
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.