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LGT Capital Partners LTD. boosted its stake in Rackspace Hosting Inc. (NYSE:RAX) by 12.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 505,790 shares of the hosting company's stock after buying an additional 56,000 shares during the period. Rackspace Hosting makes up approximately 2.2% of LGT Capital Partners LTD.'s investment portfolio, making the stock its 15th largest position. LGT Capital Partners LTD. owned approximately 0.40% of Rackspace Hosting worth $16,028,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Acadian Asset Management LLC increased its position in Rackspace Hosting by 38.9% in the second quarter. Acadian Asset Management LLC now owns 3,791,560 shares of the hosting company's stock valued at $79,095,000 after buying an additional 1,062,606 shares in the last quarter. State Street Corp increased its position in Rackspace Hosting by 1.1% in the first quarter. State Street Corp now owns 3,170,689 shares of the hosting company's stock valued at $68,456,000 after buying an additional 33,179 shares in the last quarter. Bank of Montreal Can purchased a new position in Rackspace Hosting during the second quarter valued at about $46,435,000. Sirios Capital Management L P increased its position in Rackspace Hosting by 17.5% in the second quarter. Sirios Capital Management L P now owns 1,518,458 shares of the hosting company's stock valued at $31,675,000 after buying an additional 225,792 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Rackspace Hosting by 107.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,396,763 shares of the hosting company's stock valued at $29,137,000 after buying an additional 723,781 shares in the last quarter. 77.98% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Rackspace Hosting Inc. (NYSE:RAX) remained flat at $31.99 during midday trading on Friday. The stock has a 50 day moving average price of $31.86 and a 200 day moving average price of $27.27. Rackspace Hosting Inc. has a 52-week low of $15.05 and a 52-week high of $31.99. The company has a market cap of $4.02 billion, a P/E ratio of 28.16 and a beta of 1.55.

RAX has been the topic of several research reports. JMP Securities downgraded Rackspace Hosting from an "outperform" rating to a "market perform" rating in a report on Friday, August 26th. Jefferies Group increased their price target on Rackspace Hosting from $23.00 to $32.00 and gave the company a "hold" rating in a research note on Monday, August 29th. Zacks Investment Research raised Rackspace Hosting from a "hold" rating to a "buy" rating and set a $36.00 price target on the stock in a research note on Tuesday, October 11th. Royal Bank Of Canada increased their price target on Rackspace Hosting from $26.00 to $33.00 and gave the company an "outperform" rating in a research note on Wednesday, August 10th. Finally, FBN Securities increased their price target on Rackspace Hosting from $21.00 to $26.00 and gave the company a "sector perform" rating in a research note on Tuesday, August 9th. Two research analysts have rated the stock with a sell rating, eighteen have given a hold rating and five have given a buy rating to the company's stock. The company has an average rating of "Hold" and an average price target of $28.00.

In other Rackspace Hosting news, COO Mark Roenigk sold 5,000 shares of Rackspace Hosting stock in a transaction on Monday, October 17th. The shares were sold at an average price of $31.78, for a total value of $158,900.00. Following the completion of the sale, the chief operating officer now directly owns 174,697 shares of the company's stock, valued at $5,551,870.66. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 15.50% of the stock is currently owned by company insiders.

About Rackspace Hosting

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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Source: LGT Capital Partners LTD. Raises Stake in Rackspace Hosting Inc. (RAX)