Rackspace Hosting Inc. (NYSE:RAX) shares traded down 3.1% during trading 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 research analysts have recently commented on the company. SunTrust Banks Inc. assumed coverage on Rackspace Hosting in a research report on Thursday. They set a “neutral” rating and a $25.00 target price for the company. Zacks Investment Research downgraded Rackspace Hosting from a “hold” rating to a “sell” rating in a research report on Wednesday. Vetr downgraded Rackspace Hosting from a “strong-buy” rating to a “buy” rating and set a $24.00 target price for the company. in a research report on Monday, July 11th. Wells Fargo & Co. reiterated a “buy” rating on shares of Rackspace Hosting in a research report on Saturday, June 4th. Finally, Oppenheimer Holdings Inc. reiterated a “buy” rating on shares of Rackspace Hosting in a research report on Tuesday, May 10th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Rackspace Hosting has a consensus rating of “Hold” and an average price target of $29.74.

The firm has a market capitalization of $2.94 billion and a price-to-earnings ratio of 21.74. The firm has a 50 day moving average of $22.58 and a 200 day moving average of $21.94.

Rackspace Hosting (NYSE:RAX) last announced its quarterly earnings results on Monday, May 9th. The hosting company reported $0.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.12. During the same period last year, the company earned $0.20 EPS. The business earned $518 million during the quarter, compared to analyst estimates of $519.08 million. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, analysts forecast that Rackspace Hosting Inc. will post $1.06 EPS for the current year.

Several institutional investors have made changes to their positions in the stock. KBC Group NV raised its position in shares of Rackspace Hosting by 768.1% in the fourth quarter. KBC Group NV now owns 166,109 shares of the hosting company’s stock valued at $4,206,000 after buying an additional 146,974 shares during the period. Dimensional Fund Advisors LP raised 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 valued at $17,092,000 after buying an additional 3,824 shares during the period. Matarin Capital Management LLC acquired a new position in shares of Rackspace Hosting during the fourth quarter valued at approximately $1,842,000. Globeflex Capital L P raised its position in 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 during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its position in Rackspace Hosting by 7.1% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 1,500,000 shares of the hosting company’s stock valued at $37,980,000 after buying an additional 100,000 shares during 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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.