Is Wells Fargo Liquidating Its Position In Rackspace? (RAX, WFC)

According to several Form 4 filings that have been registered over the past twelve days, Wells Fargo & Co.

has sold 1,830,177 shares of Rackspace Hosting Inc.

at an average price of $27.06. WFC became a seller once shares rose above $26.00 and have made the largest portion of their sales when shares traded above $28.00. Wells Fargo currently holds 14,935,920 shares of RAX. Over the course of the past twelve days, WFC has sold 10.91% of its RAX holdings. Rackspace Hosting, Inc. operates in the hosting and cloud computing industry. The company offers its products under the Fanatical Support brand. The company's services are sold to businesses in more than 120 countries. During the year ended December 31, 2009, the company served more than 90,000 business customers and managed more than 56,000 servers, 1,600,000 e-mail accounts, and 259,000 cloud hosting domains.