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

Shares of Rackspace Technology, Inc. (NASDAQ:RXT) 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.

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: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 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

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.