Rackspace Technology, Inc. (NASDAQ:RXT) Given Average Recommendation of “Hold” by Brokerages

Shares of Rackspace Technology, Inc. (NASDAQ:RXTGet Free Report) have earned an average rating of “Hold” from the six ratings firms that are covering the company, MarketBeat Ratings reports. One research 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 twelve-month price target among analysts that have updated their coverage on the stock in the last year is $2.34.

Separately, UBS Group upped their target price on Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a research note on Friday, August 16th.

Read Our Latest Analysis on Rackspace Technology

Insider Buying and Selling at Rackspace Technology

In other Rackspace Technology news, CEO Amar Maletira sold 84,823 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $2.42, for a total value of $205,271.66. Following the sale, the chief executive officer now directly owns 5,158,399 shares in the company, valued at $12,483,325.58. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 227,321 shares of company stock worth $542,103 over the last three months. Company insiders own 2.00% of the company’s stock.

Institutional Trading of Rackspace Technology

Several large investors have recently made changes to their positions in the business. Creative Planning acquired a new position in shares of Rackspace Technology during the third quarter valued at $29,000. Susquehanna Fundamental Investments LLC acquired a new position in Rackspace Technology in the first quarter valued at about $35,000. Allspring Global Investments Holdings LLC acquired a new position in Rackspace Technology in the second quarter valued at about $40,000. US Bancorp DE lifted its stake in Rackspace Technology by 10,766.2% in the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after buying an additional 16,257 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its stake in Rackspace Technology by 98.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock valued at $51,000 after buying an additional 16,484 shares during the period. Institutional investors own 82.48% of the company’s stock.

Rackspace Technology Trading Up 6.7 %

Shares of NASDAQ RXT opened at $2.56 on Wednesday. The business has a fifty day simple moving average of $2.46 and a 200 day simple moving average of $2.33. The firm has a market capitalization of $578.64 million, a price-to-earnings ratio of -0.69 and a beta of 1.97. Rackspace Technology has a one year low of $1.22 and a one year high of $3.18.

Rackspace Technology (NASDAQ:RXTGet Free Report) last issued its earnings results on Thursday, August 8th. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.03. The firm had revenue of $684.90 million during the quarter, compared to analyst estimates of $669.10 million. On average, research analysts anticipate that Rackspace Technology will post -0.32 earnings per share for the current fiscal year.

About Rackspace Technology

(Get Free Report

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.

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Analyst Recommendations for Rackspace Technology (NASDAQ:RXT)

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