Rackspace Hosting Stock Hits New 52-Week High (RAX)

NEW YORK ( TheStreet) -- Rackspace Hosting (NYSE: RAX) hit a new 52-week high Monday as it is currently trading at $57.33, above its previous 52-week high of $57.22 with 726,571 shares traded as of 12:35 p.m. ET. Average volume has been 1.6 million shares over the past 30 days.

Rackspace Hosting has a market cap of $5.63 billion and is part of the technology sector and computer software & services industry. Shares are up 31.2% year to date as of the close of trading on Friday.

Rackspace Hosting, Inc. provides cloud computing services, managing Web-based IT systems for small and medium-sized businesses, and large enterprises worldwide. The company has a P/E ratio of 102.8, above the average computer software & services industry P/E ratio of 91.4 and above the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Rackspace Hosting as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth, compelling growth in net income, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value. You can view the full Rackspace Hosting Ratings Report.

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