Rackspace Hosting Inc. (NYSE:RAX) shares rose 2.1% during trading on Wednesday . The company traded as high as $28.74 and last traded at $28.30, with a volume of 1,183,539 shares changing hands. The stock had previously closed at $27.71.

RAX has been the subject of several analyst reports. Zacks Investment Research lowered Rackspace Hosting from a “hold” rating to a “sell” rating in a research report on Wednesday, July 20th. Vetr downgraded Rackspace Hosting from a “strong-buy” rating to a “buy” rating and set a $24.00 price target for the company. in a report on Monday, July 11th. Jefferies Group reiterated a “hold” rating and set a $23.00 price target on shares of Rackspace Hosting in a report on Wednesday, August 10th. RBC Capital Markets reiterated an “outperform” rating and set a $33.00 price target (up from $26.00) on shares of Rackspace Hosting in a report on Thursday, August 11th. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $26.00 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, thirteen have given a hold rating and nine have issued a buy rating to the company. Rackspace Hosting presently has an average rating of “Hold” and a consensus target price of $27.97.

The stock’s 50-day moving average is $25.02 and its 200 day moving average is $22.95. The company has a market cap of $3.46 billion and a P/E ratio of 24.19.

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

A hedge fund recently bought a new stake in Rackspace Hosting stock. Matarin Capital Management LLC bought a new stake in shares of Rackspace Hosting Inc. (NYSE:RAX) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 72,759 shares of the hosting company’s stock, valued at approximately $1,842,000. Matarin Capital Management LLC owned 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.

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