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Rackspace Hosting (NYSE:RAX) dropped 7.3% during trading on Tuesday after Piper Jaffray lowered their price target on the stock from $45.00 to $43.00, StockRatingsNetwork.com reports. The company traded as low as $28.86 and last traded at $29.02, with a volume of 7,646,079 shares traded. The stock had previously closed at $31.31.

RAX has been the subject of a number of other recent research reports. Analysts at Davidson upgraded shares of Rackspace Hosting to a “neutral” rating in a research note on Monday, July 14th. Separately, analysts at DA Davidson upgraded shares of Rackspace Hosting from an “underperform” rating to a “neutral” rating in a research note on Monday, July 14th. They now have a $33.00 price target on the stock, down previously from $43.00. They noted that the move was a valuation call. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $40.58.

The stock’s 50-day moving average is $32.58 and its 200-day moving average is $33.6. The company has a market cap of $4.131 billion and a P/E ratio of 52.18. Rackspace Hosting also was the recipient of unusually large options trading activity on Monday. Stock traders acquired 11,336 call options on the stock. This represents an increase of approximately 250% compared to the typical daily volume of 3,241 call options.

Rackspace Hosting (NYSE:RAX) last announced its earnings results on Monday, August 11th. The company reported $0.16 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.16. The company had revenue of $441.10 million for the quarter, compared to the consensus estimate of $437.00 million. During the same quarter last year, the company posted $0.18 earnings per share. Rackspace Hosting’s revenue was up 17.3% compared to the same quarter last year. On average, analysts predict that Rackspace Hosting will post $0.69 earnings per share for the current fiscal year.

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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