Rackspace Technology (NASDAQ:RXT) Reaches New 52-Week High at $3.18

Rackspace Technology, Inc. (NASDAQ:RXT) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $3.18 and last traded at $3.13, with a volume of 117502 shares trading hands. The stock had previously closed at $3.00.

Analyst Upgrades and Downgrades

RXT has been the subject of several recent research reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $3.00 target price on shares of Rackspace Technology in a research note on Wednesday, March 13th. Raymond James decreased their target price on shares of Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating for the company in a research note on Wednesday, March 13th. BMO Capital Markets increased their target price on shares of Rackspace Technology from $1.50 to $2.50 and gave the stock a “market perform” rating in a research note on Wednesday, March 13th. Finally, Evercore ISI decreased their target price on shares of Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating for the company in a research note on Wednesday, March 13th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $2.31.

Rackspace Technology Trading Down 0.7 %

The stock has a fifty day simple moving average of $2.12 and a two-hundred day simple moving average of $1.90. The company has a market cap of $667.07 million, a PE ratio of -0.75 and a beta of 1.87.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings data on Wednesday, May 15th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. The company had revenue of $690.80 million for the quarter, compared to analyst estimates of $684.21 million. Rackspace Technology had a negative return on equity of 10.18% and a negative net margin of 29.99%. The firm’s revenue for the quarter was down 8.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.02) EPS. As a group, equities research analysts anticipate that Rackspace Technology, Inc. will post -0.38 EPS for the current fiscal year.

Insider Transactions at Rackspace Technology

In related news, insider Kellie Teal-Guess sold 61,393 shares of Rackspace Technology stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $2.13, for a total transaction of $130,767.09. Following the completion of the transaction, the insider now directly owns 909,775 shares in the company, valued at approximately $1,937,820.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its holdings in Rackspace Technology by 35.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,535,746 shares of the company’s stock valued at $5,071,000 after acquiring an additional 667,329 shares during the last quarter. Federated Hermes Inc. raised its holdings in Rackspace Technology by 2.1% in the 4th quarter. Federated Hermes Inc. now owns 757,609 shares of the company’s stock valued at $1,515,000 after acquiring an additional 15,803 shares during the last quarter. CastleKnight Management LP acquired a new position in Rackspace Technology in the 4th quarter valued at $1,201,000. GSA Capital Partners LLP acquired a new position in Rackspace Technology in the 1st quarter valued at $531,000. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Rackspace Technology by 30.1% during the 1st quarter. Public Employees Retirement System of Ohio now owns 133,484 shares of the company’s stock valued at $211,000 after buying an additional 30,916 shares during the period. 82.48% of the stock is currently 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.