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Wells Fargo has downgrade Rackspace Hosting Inc.(NYSE:RAX) from Outperform to Market Perform in a report released on 8/29/2016. They are also stating a potential downside of -1.00%.

Just yesterday Rackspace Hosting Inc. (NYSE:RAX) traded 4.34% higher at $31.50. The company's 50-day average is $25.81 and its two hundred day average is $23.12. The last stock close is up 36.22% from the 200-day average, compared with the S&P 500 Index which has held steady over the date range. Trading volume was was up over the average, with 38,577,824 shares of RAX changing hands over the typical 2,642,020 shares..

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With a market capitalization of $4.0B, Rackspace Hosting Inc. has a 52 week low of $15.05 and a one-year high of $32.14 with a price-earnings ratio of 28.

A total of 17 brokerages have issued a ratings update on the stock. Six analysts rate the company a strong buy, three analysts rate the stock a buy, 12 analyts rate the company a hold, zero rate the company to underperform, and lastly one brokeragerate the stock as sell with a consensus target price of $26.53

About Rackspace Hosting Inc. (NYSE:RAX)

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. The Company offers private, public and hybrid clouds in its approximately 10 data centers located on over four continents, in Microsoft Azure and Amazon Web Services data centers, as well as in customer-owned data centers. Its services include dedicated customer care and technical support, such as operating system patching, application monitoring, network and firewall configurations, and identity management. The Company has operations located in multiple cities across the United States, as well as in London, Amsterdam, Zurich, Hong Kong, and Sydney and Mexico City.

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Source: Wells Fargo downgrade Rackspace Hosting Inc.(NYSE:RAX) from Outperform to Market Perform in a report released today.