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 trading hands.

Several brokerages have issued reports on RAX. Pacific Crest restated a “hold” rating on shares of Rackspace Hosting in a research note on Tuesday, May 10th. William Blair cut Rackspace Hosting from an “outperform” rating to a “market perform” rating in a research report on Friday. Oppenheimer Holdings Inc. reiterated a “buy” rating on shares of Rackspace Hosting in a research report on Tuesday, May 10th. Credit Suisse Group AG reiterated a “neutral” rating and issued a $20.00 price target on shares of Rackspace Hosting in a research report on Tuesday, May 10th. Finally, SunTrust Banks Inc. started coverage on Rackspace Hosting in a research report on Thursday, July 21st. They issued a “neutral” rating and a $25.00 price target for the company. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $27.97.

The company has a market capitalization of $3.96 billion and a P/E ratio of 27.73. The firm’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 earnings results on Monday, August 8th. The hosting company reported $0.38 EPS for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.16. The company earned $489.40 million during the quarter, compared to the consensus estimate of $521.07 million. Rackspace Hosting’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.20 earnings per share. On average, equities research analysts expect that Rackspace Hosting Inc. will post $1.07 earnings per share for the current year.

A hedge fund recently raised its stake in Rackspace Hosting stock. KBC Group NV raised its position in Rackspace Hosting Inc. (NYSE:RAX) by 768.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 166,109 shares of the hosting company’s stock after buying an additional 146,974 shares during the period. KBC Group NV owned approximately 0.12% of Rackspace Hosting worth $4,206,000 at the end of the most recent 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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