Rackspace Hosting Inc. (NYSE:RAX) saw unusually-strong trading volume on Friday . Approximately 8,018,479 shares traded hands during mid-day trading, an increase of 292% from the previous session’s volume of 2,045,425 shares.The stock last traded at $29.31 and had previously closed at $26.55.

A number of equities analysts have weighed in on RAX shares. Wells Fargo & Co. reissued a “buy” rating on shares of Rackspace Hosting in a research report on Saturday, June 4th. Royal Bank Of Canada reissued a “buy” rating and issued a $26.00 price objective on shares of Rackspace Hosting in a research report on Tuesday, May 10th. Jefferies Group reissued a “hold” rating and issued a $21.00 price objective on shares of Rackspace Hosting in a research report on Tuesday, May 10th. Vetr cut shares of Rackspace Hosting from a “buy” rating to a “sell” rating and set a $24.00 price objective for the company. in a research report on Tuesday, June 7th. Finally, Zacks Investment Research cut shares of Rackspace Hosting from a “hold” rating to a “sell” rating in a research report on Thursday, July 14th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $29.74.

The firm has a market cap of $3.68 billion and a PE ratio of 27.23. The stock has a 50-day moving average of $22.71 and a 200-day moving average of $22.11.

Rackspace Hosting (NYSE:RAX) last announced its earnings results on Monday, May 9th. The hosting company reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ 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. Rackspace Hosting’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.20 earnings per share. Equities research analysts forecast that Rackspace Hosting Inc. will post $1.06 EPS for the current year.

Several institutional investors recently made changes to their positions in the company. Globeflex Capital L P raised 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 last quarter. Matarin Capital Management LLC bought a new position in shares of Rackspace Hosting during the fourth quarter worth about $1,842,000. Cornerstone Capital Management Holdings LLC. raised its position 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 worth $2,720,000 after buying an additional 67,737 shares during the last quarter. 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 worth $4,206,000 after buying an additional 146,974 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in shares of Rackspace Hosting by 10.0% in the fourth quarter. California Public Employees Retirement System now owns 337,300 shares of the hosting company’s stock worth $8,540,000 after buying an additional 30,600 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.

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