Brokerages Set Rackspace Technology, Inc. (NASDAQ:RXT) PT at $2.47

Rackspace Technology, Inc. (NASDAQ:RXT) has been assigned a consensus rating of “Hold” from the six brokerages that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $2.47.

RXT has been the subject of several research analyst reports. UBS Group boosted their price objective on Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a research report on Friday, August 16th. Barclays increased their price objective on Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a research report on Monday, November 18th.

Rackspace Technology Price Performance

Shares of RXT opened at $2.64 on Friday. The firm has a market cap of $600.78 million, a price-to-earnings ratio of -0.76 and a beta of 1.97. The company’s fifty day moving average is $2.57 and its 200-day moving average is $2.43. Rackspace Technology has a 12 month low of $1.22 and a 12 month high of $3.41.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.03. The company had revenue of $675.80 million for the quarter, compared to the consensus estimate of $675.14 million. During the same quarter last year, the company posted ($0.04) EPS. The business’s revenue was down 7.7% compared to the same quarter last year. As a group, research analysts predict that Rackspace Technology will post -0.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rackspace Technology news, CEO Amar Maletira sold 84,823 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $2.42, for a total value of $205,271.66. Following the transaction, the chief executive officer now directly owns 5,158,399 shares in the company, valued at $12,483,325.58. The trade was a 1.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rackspace Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the business. The Manufacturers Life Insurance Company lifted its position in shares of Rackspace Technology by 44.7% during the second quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock worth $89,000 after purchasing an additional 9,275 shares in the last quarter. ClariVest Asset Management LLC boosted its position in Rackspace Technology by 2.8% in the 2nd quarter. ClariVest Asset Management LLC now owns 379,721 shares of the company’s stock valued at $1,132,000 after buying an additional 10,281 shares during the last quarter. Creative Planning acquired a new stake in shares of Rackspace Technology in the 3rd quarter valued at $29,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Rackspace Technology during the second quarter worth $40,000. Finally, SG Americas Securities LLC lifted its stake in shares of Rackspace Technology by 64.7% during the third quarter. SG Americas Securities LLC now owns 34,467 shares of the company’s stock valued at $84,000 after acquiring an additional 13,543 shares during the period. Institutional investors and hedge funds own 82.48% of the company’s stock.

Rackspace Technology Company Profile

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.