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JPMorgan Chase & Co. started coverage on shares of Rackspace Hosting (NYSE:RAX) in a research note issued on Thursday, American Banking News reports. The firm set an “overweight” rating on the stock.

Rackspace Hosting (NYSE:RAX) opened at 28.64 on Thursday. Rackspace Hosting has a 52-week low of $26.18 and a 52-week high of $54.20. The stock’s 50-day moving average is $30.30 and its 200-day moving average is $36.15. The company has a market cap of $4.062 billion and a P/E ratio of 48.98. Rackspace Hosting also saw unusually large options trading on Monday. Stock traders purchased 20,455 call options on the stock. This is an increase of 502% compared to the average volume of 3,396 call options.

Rackspace Hosting (NYSE:RAX) last announced its earnings results on Monday, May 12th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.06. The company had revenue of $421.00 million for the quarter, compared to the consensus estimate of $419.63 million. During the same quarter in the previous year, the company posted $0.19 earnings per share. The company’s revenue for the quarter was up 16.2% on a year-over-year basis. On average, analysts predict that Rackspace Hosting will post $0.70 earnings per share for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Nomura reiterated a “hold” rating on shares of Rackspace Hosting in a research note on Tuesday. They now have a $39.00 price target on the stock, down previously from $42.00. Separately, analysts at Credit Suisse cut their price target on shares of Rackspace Hosting from $49.00 to $40.00 in a research note on Tuesday. They now have an “outperform” rating on the stock. Finally, analysts at DA Davidson raised their price target on shares of Rackspace Hosting from $30.00 to $33.00 in a research note on Tuesday. They now have a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $41.50.

Rackspace Hosting, Inc, is the open cloud company. The Company offers a diverse portfolio of cloud computing services, including public, dedicated and private cloud, and hybrid hosting.

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