Shares of Rackspace Hosting Inc. (NYSE:RAX) gapped up prior to trading on Friday . The stock had previously closed at $29.20, but opened at $30.19. Rackspace Hosting shares last traded at $31.48, with a volume of 30,286,740 shares.

A number of research firms recently weighed in on RAX. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Rackspace Hosting in a report on Saturday, June 4th. Oppenheimer Holdings Inc. reissued a “buy” rating on shares of Rackspace Hosting in a research note on Tuesday, May 10th. Zacks Investment Research raised shares of Rackspace Hosting from a “sell” rating to a “hold” rating in a research note on Saturday, August 6th. Credit Suisse Group AG reissued a “neutral” rating and set a $20.00 target price on shares of Rackspace Hosting in a research note on Tuesday, May 10th. Finally, Jefferies Group reissued a “hold” rating and set a $21.00 target price on shares of Rackspace Hosting in a research note on Tuesday, May 10th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and seven have assigned a buy rating to the company’s stock. Rackspace Hosting presently has a consensus rating of “Hold” and an average price target of $27.97.

The firm has a market capitalization of $3.96 billion and a PE ratio of 27.73. The stock’s 50 day moving average price is $25.81 and its 200-day moving average price is $23.12.

Rackspace Hosting (NYSE:RAX) last announced its quarterly earnings data on Monday, August 8th. The hosting company reported $0.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.16. The firm had revenue of $489.40 million for the quarter, compared to the consensus estimate of $521.07 million. During the same period in the prior year, the firm posted $0.20 earnings per share. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. On average, equities analysts predict that Rackspace Hosting Inc. will post $1.07 EPS for the current fiscal year.

An institutional investor recently bought a new position in Rackspace Hosting stock. Matarin Capital Management LLC purchased a new position in shares of Rackspace Hosting Inc. (NYSE:RAX) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 72,759 shares of the hosting company’s stock, valued at approximately $1,842,000. Matarin Capital Management LLC owned about 0.05% of Rackspace Hosting as of its most recent SEC filing.

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.