Rackspace Technology, Inc. (NASDAQ:RXT) Receives Consensus Rating of “Hold” from Analysts

Shares of Rackspace Technology, Inc. (NASDAQ:RXT) have been given an average recommendation of “Hold” by the six analysts that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $2.47.

Separately, Barclays increased their price target on shares of Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a report on Monday, November 18th.

Rackspace Technology Stock Performance

NASDAQ:RXT opened at $2.90 on Friday. The firm has a market cap of $659.95 million, a P/E ratio of -0.83 and a beta of 2.04. The firm has a 50-day simple moving average of $2.43 and a 200-day simple moving average of $2.44. Rackspace Technology has a one year low of $1.45 and a one year high of $3.41.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.03. The firm 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 firm earned ($0.04) EPS. The company’s revenue was down 7.7% compared to the same quarter last year. On average, research analysts predict that Rackspace Technology will post -0.27 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Mark A. Marino sold 14,458 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $2.34, for a total transaction of $33,831.72. Following the completion of the sale, the chief financial officer now owns 1,915,356 shares in the company, valued at approximately $4,481,933.04. The trade was a 0.75 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Dharmendra Kumar Sinha sold 23,357 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $2.54, for a total transaction of $59,326.78. Following the transaction, the executive vice president now owns 2,311,309 shares of the company’s stock, valued at approximately $5,870,724.86. The trade was a 1.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 209,322 shares of company stock worth $542,829 in the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Rackspace Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its stake in shares of Rackspace Technology by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 595,860 shares of the company’s stock worth $1,317,000 after purchasing an additional 5,136 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Rackspace Technology by 44.7% during the 2nd 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 during the period. Creative Planning acquired a new position in shares of Rackspace Technology during the 3rd quarter worth $29,000. SG Americas Securities LLC grew its stake in shares of Rackspace Technology by 64.7% during the 3rd quarter. SG Americas Securities LLC now owns 34,467 shares of the company’s stock worth $84,000 after purchasing an additional 13,543 shares during the period. Finally, US Bancorp DE grew its stake in Rackspace Technology by 10,766.2% in the 3rd quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after acquiring an additional 16,257 shares during the last quarter. 82.48% of the stock is owned by institutional investors and hedge funds.

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.