Brokerages Set Rackspace Technology, Inc. (NASDAQ:RXT) PT at $2.15

Shares of Rackspace Technology, Inc. (NASDAQ:RXT) have been given an average recommendation of “Reduce” by the seven ratings firms that are covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $2.15.

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

Rackspace Technology Stock Performance

Shares of RXT opened at $2.53 on Tuesday. The company has a market capitalization of $571.86 million, a PE ratio of -0.64 and a beta of 1.97. The company’s 50 day moving average price is $2.37 and its 200 day moving average price is $2.13. Rackspace Technology has a 52 week low of $1.15 and a 52 week high of $3.18.

Rackspace Technology (NASDAQ:RXT) 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 analysts’ expectations of $669.10 million. On average, equities analysts forecast that Rackspace Technology will post -0.32 earnings per share for the current fiscal year.

Insider Activity

In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $2.36, for a total value of $352,227.64. Following the sale, the executive vice president now directly owns 2,466,593 shares in the company, valued at $5,821,159.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $2.36, for a total value of $352,227.64. Following the transaction, the executive vice president now directly owns 2,466,593 shares in the company, valued at $5,821,159.48. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Amar Maletira sold 52,206 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $2.35, for a total transaction of $122,684.10. Following the sale, the chief executive officer now directly owns 5,347,434 shares in the company, valued at $12,566,469.90. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 209,195 shares of company stock worth $493,410. Company insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Susquehanna Fundamental Investments LLC raised its position in Rackspace Technology by 143.7% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 53,506 shares of the company’s stock worth $159,000 after purchasing an additional 31,550 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Rackspace Technology by 44.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock valued at $89,000 after buying an additional 9,275 shares during the period. Sargent Investment Group LLC raised its position in shares of Rackspace Technology by 86.9% during the second quarter. Sargent Investment Group LLC now owns 215,100 shares of the company’s stock worth $641,000 after acquiring an additional 100,000 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Rackspace Technology by 23.7% during the second quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock valued at $3,991,000 after acquiring an additional 256,900 shares during the period. Finally, ClariVest Asset Management LLC boosted its holdings in Rackspace Technology by 2.8% in the second quarter. ClariVest Asset Management LLC now owns 379,721 shares of the company’s stock valued at $1,132,000 after acquiring an additional 10,281 shares during the last quarter. Institutional investors and hedge funds 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.