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

Shares of Rackspace Technology, Inc. (NASDAQ:RXT) have received a consensus recommendation of “Hold” from the six ratings firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $2.47.

Separately, Barclays raised their price objective on Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a research note on Monday, November 18th.

Rackspace Technology Trading Down 3.6 %

Shares of Rackspace Technology stock opened at $2.17 on Thursday. The company has a market cap of $493.82 million, a PE ratio of -0.62 and a beta of 1.99. The company has a 50 day moving average of $2.55 and a 200-day moving average of $2.49. Rackspace Technology has a 1-year low of $1.45 and a 1-year high of $3.41.

Rackspace Technology (NASDAQ:RXT) last released its earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.03. The business had revenue of $675.80 million for the quarter, compared to the consensus estimate of $675.14 million. The firm’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.04) earnings per share. Research analysts forecast that Rackspace Technology will post -0.27 earnings per share for the current year.

Insider Activity at Rackspace Technology

In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 88,548 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $2.67, for a total transaction of $236,423.16. Following the sale, the executive vice president now directly owns 2,334,166 shares of the company’s stock, valued at $6,232,223.22. The trade was a 3.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Anthony C. Roberts purchased 19,455 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average cost of $2.60 per share, with a total value of $50,583.00. Following the purchase, the director now directly owns 161,930 shares of the company’s stock, valued at approximately $421,018. The trade was a 13.66 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 362,239 shares of company stock valued at $909,917 in the last 90 days. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rackspace Technology

A number of institutional investors have recently made changes to their positions in the stock. Creative Planning bought a new stake in shares of Rackspace Technology in the 3rd quarter valued at $29,000. Allspring Global Investments Holdings LLC acquired a new position in Rackspace Technology in the second quarter valued at $40,000. US Bancorp DE boosted its position in Rackspace Technology by 10,766.2% during the third 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. Intech Investment Management LLC acquired a new stake in Rackspace Technology during the 3rd quarter worth about $50,000. Finally, FMR LLC raised its position in shares of Rackspace Technology by 437.5% in the 3rd quarter. FMR LLC now owns 31,154 shares of the company’s stock worth $76,000 after acquiring an additional 25,358 shares in the last quarter. Institutional investors own 82.48% of the company’s stock.

Rackspace Technology Company Profile

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.