Rackspace Hosting Inc. (NYSE:RAX) shares saw unusually-high trading volume on Friday . Approximately 8,018,479 shares were traded during 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.

RAX has been the topic of a number of recent research reports. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Rackspace Hosting in a research report on Saturday, June 4th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $26.00 price target on shares of Rackspace Hosting in a research report on Tuesday, May 10th. Jefferies Group reaffirmed a “hold” rating and set a $21.00 price target on shares of Rackspace Hosting in a research report on Tuesday, May 10th. Vetr lowered shares of Rackspace Hosting from a “buy” rating to a “sell” rating and set a $24.00 price target on the stock. in a research report on Tuesday, June 7th. Finally, Zacks Investment Research raised shares of Rackspace Hosting from a “sell” rating to a “hold” rating in a research report on Saturday. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $29.74.

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

Several hedge funds and institutional investors recently bought and sold shares of RAX. Globeflex Capital L P boosted 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 period. Matarin Capital Management LLC bought a new position in Rackspace Hosting during the fourth quarter valued at $1,842,000. Cornerstone Capital Management Holdings LLC. boosted its position in 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 during the period. Finally, KBC Group NV boosted its position in 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.

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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