Rackspace Hosting Inc. (NYSE:RAX) shares were up 3.5% during mid-day trading on Thursday . The stock traded as high as $20.96 and last traded at $20.85, with a volume of 962,008 shares. The stock had previously closed at $20.15.

Several research analysts have issued reports on RAX shares. Vetr upgraded Rackspace Hosting from a “hold” rating to a “buy” rating and set a $23.30 price objective for the company in a research report on Thursday, March 31st. Bank of America Corp. reissued a “buy” rating on shares of Rackspace Hosting in a report on Sunday, March 27th. Royal Bank Of Canada reissued a “buy” rating and issued a $26.00 target price on shares of Rackspace Hosting in a report on Tuesday, May 10th. Oppenheimer Holdings Inc. reissued a “buy” rating on shares of Rackspace Hosting in a report on Tuesday, May 10th. Finally, Wells Fargo & Co. reissued a “buy” rating on shares of Rackspace Hosting in a report on Saturday, June 4th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. Rackspace Hosting currently has a consensus rating of “Hold” and an average price target of $30.45.

The firm has a market cap of $2.62 billion and a P/E ratio of 19.40. The stock has a 50 day moving average of $23.01 and a 200-day moving average of $22.10.

Rackspace Hosting (NYSE:RAX) last issued its earnings results on Monday, May 9th. The hosting company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.12. The firm earned $518 million during the quarter, compared to analysts’ expectations of $519.08 million. During the same quarter last year, the firm earned $0.20 EPS. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. Analysts anticipate that Rackspace Hosting Inc. will post $1.09 earnings per share for the current fiscal year.

A number of hedge funds and institutional investors have recently modified their holdings of the stock. Cowen Group Inc. increased its position in shares of Rackspace Hosting by 0.8% in the fourth quarter. Cowen Group Inc. now owns 193,291 shares of the hosting company’s stock worth $4,894,000 after buying an additional 1,486 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Rackspace Hosting by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 675,050 shares of the hosting company’s stock worth $17,092,000 after buying an additional 3,824 shares during the period. Globeflex Capital L P increased its position in shares of Rackspace Hosting by 31.2% in the fourth quarter. Globeflex Capital L P now owns 45,822 shares of the hosting company’s stock worth $1,160,000 after buying an additional 10,885 shares during the period. Profund Advisors LLC increased its position in shares of Rackspace Hosting by 42.8% in the fourth quarter. Profund Advisors LLC now owns 59,364 shares of the hosting company’s stock worth $1,503,000 after buying an additional 17,798 shares during the period. Finally, Liberty Mutual Group Asset Management Inc. increased its position in shares of Rackspace Hosting by 43.3% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 73,834 shares of the hosting company’s stock worth $1,871,000 after buying an additional 22,315 shares during the period.

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. The Company offers services for certain applications, including e-commerce and Web content management sites, business-productivity applications, such as e-mail and collaboration, and data stores.

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