Boston, MA 07/11/2013 (wallstreetpr) – A lot of research reports have been recently focusing on the stock of Rackspace Hosting, Inc. (NYSE:RAX), with analysts at The Street reiterating the earlier “hold” rating for the company. By the end of June 2013, equity research analysts at the Wells Fargo & Co reiterated downwards the stock’s price target from $52 to $49 per share. The price target also declined and the analysts currently set a target of $47.50 per share. In addition, the Wells Fargo & Co upgraded the shares from the earlier “market perform” to “outperform” by the end of June 2013. This reduction in price targets and upgrade in the stock rating were done as part of a valuation call.
Rackspace Hosting, Inc. (NYSE:RAX) was assigned “sell”, “hold” and “buy” ratings by two, ten and five equity research analysts. Overall, the consensus rating on the stock is “hold” as of the end of June 2013, and the price target stood at as high as $55.55 per share.
In the recently released financial results, the company reported quarterly revenue of $363.20 million and earnings per share of $0.19 per share, missing the analyst consensus estimate from $0.20 to $0.21 per share.
Rackspace Hosting, Inc.’s (NYSE:RAX) share price dropped by 6.84% on Wednesday closing at $38.93 per share for the day. Intraday prices for the stock touched a low of $38.17 and a high of $40.83 per share. Trading volume was 6.22 million shares of the company on Wednesday, with an average one of 2.09 million per day of trading.
Rackspace Hosting, Inc. (NYSE:RAX) currently has a 52-week low price of $33.91 and a 52-week high price of $81.36 per share. The market cap is $5.36 billion with 137.80 million shares outstanding and 85 percent institutional ownership.