Wells Fargo Downgrades Rackspace Hosting to Market Perform

Brokerage firm Wells Fargo Downgrades its rating on Rackspace Hosting(NYSE:RAX). The shares have been rated Market Perform. Previously, the analysts had a Outperform rating on the shares. The rating by Wells Fargo was issued on Aug 29, 2016.

In a different note, On Aug 30, 2016, Raymond James said it Downgrades its rating on Rackspace Hosting. The shares have been rated ‘Underperform’ by the firm. On Aug 26, 2016, JMP Securities said it Downgrades its rating on Rackspace Hosting. The shares have been rated ‘Market Perform’ by the firm. SunTrust Robinson Humphrey said it Initiates Coverage on Rackspace Hosting, according to a research note issued on Jul 21, 2016. The shares have been rated ‘Neutral’ by the firm.

Rackspace Hosting (RAX) made into the market gainers list on Thursdays trading session with the shares advancing 0.06% or 0.02 points. Due to strong positive momentum, the stock ended at $31.47, which is also near the day’s high of $31.52. The stock began the session at $31.46 and the volume stood at 69,10,896 shares. The 52-week high of the shares is $32.14 and the 52 week low is $15.05. The company has a current market capitalization of $3,959 M and it has 12,58,05,220 shares in outstanding.

Rackspace Hosting(RAX) last announced its earnings results on Aug 8, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $523.60M. Analysts had an estimated revenue of $521.19M. Earnings per share were $0.28. Analysts had estimated an EPS of $0.22.

Several Insider Transactions has been reported to the SEC. On Aug 16, 2016, Mark Roenigk (Chief Operating Officer) sold 701 shares at $29.25 per share price.Also, On Jan 15, 2016, Taylor Rhodes (President & CEO) sold 14,325 shares at $20.24 per share price.On Nov 12, 2015, Tiffany Lathe (VP and GC) sold 4,500 shares at $29.66 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.

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