Rackspace Technology (NASDAQ:RXT) Sets New 52-Week High – What’s Next?

Rackspace Technology, Inc. (NASDAQ:RXT) hit a new 52-week high on Tuesday . The stock traded as high as $2.64 and last traded at $2.63, with a volume of 23046181 shares traded. The stock had previously closed at $2.22.

Analysts Set New Price Targets

Several research firms recently commented on RXT. Royal Bank Of Canada boosted their price target on Rackspace Technology from $1.75 to $2.50 and gave the stock a “sector perform” rating in a research report on Friday, February 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rackspace Technology in a research report on Thursday, January 22nd. Four analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $1.70.

Rackspace Technology Price Performance

The company has a market cap of $555.39 million, a price-to-earnings ratio of -2.40 and a beta of 1.80. The firm has a fifty day simple moving average of $1.00 and a 200 day simple moving average of $1.19.

Insiders Place Their Bets

In other Rackspace Technology news, CFO Mark A. Marino sold 234,683 shares of the business’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $1.63, for a total transaction of $382,533.29. Following the completion of the transaction, the chief financial officer owned 2,193,115 shares of the company’s stock, valued at $3,574,777.45. The trade was a 9.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Dharmendra Kumar Sinha sold 45,393 shares of the company’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $1.81, for a total transaction of $82,161.33. Following the sale, the executive vice president owned 2,464,180 shares of the company’s stock, valued at $4,460,165.80. This trade represents a 1.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 300,259 shares of company stock worth $501,226 over the last quarter. 2.90% of the stock is currently owned by company insiders.

Institutional Trading of Rackspace Technology

Hedge funds have recently modified their holdings of the company. R Squared Ltd grew its holdings in shares of Rackspace Technology by 74.3% during the 3rd quarter. R Squared Ltd now owns 25,127 shares of the company’s stock worth $35,000 after purchasing an additional 10,707 shares in the last quarter. Engineers Gate Manager LP lifted its position in Rackspace Technology by 47.1% in the second quarter. Engineers Gate Manager LP now owns 34,777 shares of the company’s stock worth $45,000 after purchasing an additional 11,141 shares during the period. Alliancebernstein L.P. lifted its position in Rackspace Technology by 4.0% in the third quarter. Alliancebernstein L.P. now owns 290,750 shares of the company’s stock worth $410,000 after purchasing an additional 11,300 shares during the period. Creative Planning boosted its stake in Rackspace Technology by 114.2% during the second quarter. Creative Planning now owns 25,715 shares of the company’s stock worth $33,000 after buying an additional 13,708 shares in the last quarter. Finally, Intech Investment Management LLC increased its holdings in Rackspace Technology by 45.4% in the 2nd quarter. Intech Investment Management LLC now owns 51,692 shares of the company’s stock valued at $66,000 after buying an additional 16,152 shares during the period. Institutional investors own 82.48% of the company’s stock.

About Rackspace Technology

Rackspace Technology (NASDAQ: RXT) is a leading provider of managed multi-cloud solutions and services, specializing in the deployment, management and optimization of public and private cloud environments. The company helps organizations design and operate applications across platforms such as Amazon Web Services (AWS), Microsoft Azure, Google Cloud and its own private cloud infrastructure. Rackspace’s core offerings include cloud migration, application modernization, data protection, security services and 24x7x365 operational support.

Beyond cloud hosting, Rackspace offers a range of professional services designed to accelerate digital transformation initiatives.