Rackspace Hosting Inc. (NYSE:RAX) fell 3.1% on Thursday . The company traded as low as $23.14 and last traded at $23.15, with a volume of 2,321,491 shares changing hands. The stock had previously closed at $23.90.

A number of brokerages have recently weighed in on RAX. Bank of America Corp. reissued a “buy” rating on shares of Rackspace Hosting in a report on Sunday, March 27th. Wells Fargo & Co. reissued a “buy” rating on shares of Rackspace Hosting in a report on Saturday, June 4th. Vetr lowered shares of Rackspace Hosting from a “buy” rating to a “hold” rating and set a $24.45 price objective on the stock. in a report on Wednesday, April 6th. Oppenheimer Holdings Inc. reissued a “buy” rating on shares of Rackspace Hosting in a report on Tuesday, May 10th. Finally, Credit Suisse Group AG reissued a “neutral” rating and set a $20.00 price objective on shares of Rackspace Hosting in a report on Tuesday, May 10th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Rackspace Hosting presently has an average rating of “Hold” and an average target price of $29.74.

The company has a market capitalization of $2.91 billion and a PE ratio of 21.53. The firm has a 50-day moving average of $22.63 and a 200-day moving average of $21.95.

Rackspace Hosting (NYSE:RAX) last announced its quarterly earnings results on Monday, May 9th. The hosting company reported $0.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.12. The company had revenue of $518 million for the quarter, compared to analyst estimates of $519.08 million. During the same quarter in the prior year, the business earned $0.20 earnings per share. Rackspace Hosting’s revenue was up 7.9% compared to the same quarter last year. Analysts forecast that Rackspace Hosting Inc. will post $1.09 earnings per share for the current year.

A number of large investors recently made changes to their positions in RAX. Globeflex Capital L P raised its stake 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 valued at $1,160,000 after buying an additional 10,885 shares in the last quarter. Matarin Capital Management LLC bought a new stake in shares of Rackspace Hosting during the fourth quarter valued at approximately $1,842,000. Liberty Mutual Group Asset Management Inc. raised its stake 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 valued at $1,871,000 after buying an additional 22,315 shares in the last quarter. Cornerstone Capital Management Holdings LLC. raised its stake in shares of Rackspace Hosting by 170.7% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 107,429 shares of the hosting company’s stock valued at $2,720,000 after buying an additional 67,737 shares in the last quarter. Finally, South Dakota Investment Council raised its stake in shares of Rackspace Hosting by 61.8% in the fourth quarter. South Dakota Investment Council now owns 112,800 shares of the hosting company’s stock valued at $2,856,000 after buying an additional 43,100 shares in the last quarter.

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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