NEW YORK (

TheStreet

) --

Rackspace Hosting

(NYSE:

RAX

) hit a new 52-week high Wednesday as it traded at $41 compared with its previous 52-Week high of $40.62. Rackspace Hosting is changing hands at $40.65 with 102,222 shares traded as of 9:31 a.m. ET. Average volume has been 1.8 million shares over the past 30 days.

Rackspace Hosting has a market cap of $5 billion and is part of the

technology

sector and

internet

industry. Shares are up 26.4% year to date as of the close of trading on Tuesday.

Rackspace Hosting, Inc. operates in the hosting and cloud computing industry. It provides information technology (IT) as a service, managing Web-based IT systems for small and medium-sized businesses, as well as large enterprises worldwide. The company has a P/E ratio of 110.9, equal to the average internet industry P/E ratio and above the S&P 500 P/E ratio of 16.1.

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TheStreet Ratings rates Rackspace Hosting as a hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we find that the company has not been very careful in the management of its balance sheet. You can view the full

Rackspace Hosting Ratings Report

.

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