Rackspace Technology, Inc. (NASDAQ:RXT) Receives $1.51 Average PT from Brokerages

Rackspace Technology, Inc. (NASDAQ:RXT) has been assigned a consensus rating of “Reduce” from the six brokerages that are presently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating and four have issued a hold rating on the company. The average 12-month target price among brokers that have covered the stock in the last year is $1.5125.

A number of equities analysts have weighed in on RXT shares. Royal Bank Of Canada decreased their target price on Rackspace Technology from $2.00 to $1.75 and set a “sector perform” rating for the company in a research report on Monday, November 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rackspace Technology in a research note on Thursday, January 22nd.

Insider Buying and Selling

In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 59,322 shares of Rackspace Technology stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $1.01, for a total value of $59,915.22. Following the completion of the sale, the executive vice president owned 2,509,573 shares of the company’s stock, valued at approximately $2,534,668.73. The trade was a 2.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.90% of the company’s stock.

Institutional Trading of Rackspace Technology

A number of hedge funds have recently bought and sold shares of RXT. Quadrature Capital Ltd purchased a new position in Rackspace Technology in the second quarter worth about $26,000. Savant Capital LLC purchased a new stake in shares of Rackspace Technology during the 3rd quarter valued at about $33,000. Creative Planning lifted its stake in shares of Rackspace Technology by 114.2% in the 2nd quarter. Creative Planning now owns 25,715 shares of the company’s stock worth $33,000 after purchasing an additional 13,708 shares during the period. R Squared Ltd boosted its holdings in shares of Rackspace Technology by 74.3% in the third quarter. R Squared Ltd now owns 25,127 shares of the company’s stock worth $35,000 after buying an additional 10,707 shares during the last quarter. Finally, Engineers Gate Manager LP grew its position in Rackspace Technology by 47.1% during the second quarter. Engineers Gate Manager LP now owns 34,777 shares of the company’s stock valued at $45,000 after buying an additional 11,141 shares during the period. Hedge funds and other institutional investors own 82.48% of the company’s stock.

Rackspace Technology Price Performance

Shares of NASDAQ RXT opened at $0.45 on Tuesday. Rackspace Technology has a twelve month low of $0.41 and a twelve month high of $3.03. The firm has a market cap of $109.64 million, a P/E ratio of -0.42 and a beta of 2.18. The company has a 50 day moving average of $0.92 and a 200 day moving average of $1.19.

Rackspace Technology (NASDAQ:RXT) last issued its earnings results on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). The business had revenue of $671.20 million for the quarter, compared to analysts’ expectations of $666.83 million. During the same quarter in the prior year, the business posted ($0.04) earnings per share. The business’s revenue for the quarter was down .7% on a year-over-year basis.

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.