Rackspace Technology, Inc. (NASDAQ:RXT) Receives $2.34 Consensus Price Target from Brokerages

Rackspace Technology, Inc. (NASDAQ:RXT) has been assigned a consensus recommendation of “Hold” from the six brokerages that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and one has issued a buy recommendation on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $2.34.

Separately, UBS Group lifted their price target on shares of Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a research note on Friday, August 16th.

Insider Activity

In related news, CEO Amar Maletira sold 84,823 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $2.42, for a total value of $205,271.66. Following the completion of the transaction, the chief executive officer now owns 5,158,399 shares of the company’s stock, valued at $12,483,325.58. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last quarter, insiders sold 227,321 shares of company stock worth $542,103. 2.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rackspace Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in RXT. Creative Planning purchased a new position in Rackspace Technology in the third quarter worth $29,000. Susquehanna Fundamental Investments LLC purchased a new position in Rackspace Technology during the 1st quarter worth $35,000. Allspring Global Investments Holdings LLC acquired a new position in Rackspace Technology during the 2nd quarter valued at about $40,000. US Bancorp DE increased its position in Rackspace Technology by 10,766.2% during the 3rd quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after buying an additional 16,257 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp raised its stake in Rackspace Technology by 98.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock valued at $51,000 after buying an additional 16,484 shares during the last quarter. Hedge funds and other institutional investors own 82.48% of the company’s stock.

Rackspace Technology Stock Performance

RXT opened at $2.33 on Wednesday. Rackspace Technology has a one year low of $1.22 and a one year high of $3.18. The stock has a market cap of $526.66 million, a price-to-earnings ratio of -0.63 and a beta of 1.97. The stock’s 50 day moving average price is $2.46 and its 200-day moving average price is $2.33.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.03. The business had revenue of $684.90 million during the quarter, compared to the consensus estimate of $669.10 million. As a group, analysts predict that Rackspace Technology will post -0.32 earnings per share for the current fiscal year.

About Rackspace Technology

Rackspace Technology, Inc operates as a multi cloud technology services company in the Americas, Europe, the Middle East, Africa, and The Asia-Pacific region. It operates through three segments: Multicloud Services, Apps & Cross Platform, and OpenStack Public Cloud. The company provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; professional services related to designing and building multi cloud solutions and cloud-native applications; and managed hosting and colocation services.