Rackspace Hosting Inc. (NYSE:RAX) fell 2.5% during mid-day trading on Friday . The stock traded as low as $29.25 and last traded at $29.26, with a volume of 1,532,897 shares. The stock had previously closed at $30.01.

Several research firms have recently issued reports on RAX. RBC Capital Markets restated an “outperform” rating and issued a $33.00 target price (up previously from $26.00) on shares of Rackspace Hosting in a report on Thursday. Oppenheimer Holdings Inc. restated an “outperform” rating and issued a $32.00 target price (up previously from $30.00) on shares of Rackspace Hosting in a report on Wednesday. Jefferies Group restated a “hold” rating and issued a $23.00 target price on shares of Rackspace Hosting in a report on Wednesday. Royal Bank Of Canada raised their target price on shares of Rackspace Hosting from $26.00 to $33.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, FBN Securities raised their target price on shares of Rackspace Hosting from $21.00 to $26.00 and gave the stock a “sector perform” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Rackspace Hosting currently has a consensus rating of “Hold” and a consensus target price of $27.97.

The company has a 50 day moving average price of $23.56 and a 200-day moving average price of $22.45. The company has a market capitalization of $3.69 billion and a P/E ratio of 25.75.

Rackspace Hosting (NYSE:RAX) last posted its earnings results on Monday, August 8th. The hosting company reported $0.38 EPS for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.16. The company earned $489.40 million during the quarter, compared to analyst estimates of $521.07 million. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.20 EPS. On average, equities analysts anticipate that Rackspace Hosting Inc. will post $1.07 earnings per share for the current fiscal year.

Several hedge funds have modified their holdings of RAX. Globeflex Capital L P boosted 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 acquired a new stake in shares of Rackspace Hosting during the fourth quarter valued at about $1,842,000. Cornerstone Capital Management Holdings LLC. boosted 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. KBC Group NV boosted its stake 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 in the last quarter. Finally, River Road Asset Management LLC acquired a new stake in shares of Rackspace Hosting during the fourth quarter valued at about $8,634,000.

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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