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

Rackspace Technology, Inc. (NASDAQ:RXT) has been given an average rating of “Hold” by the six brokerages that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $2.47.

RXT has been the subject of a number of analyst reports. UBS Group boosted their price objective on shares of Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a report on Friday, August 16th. Barclays upped their price objective on shares of Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a research report on Monday, November 18th.

Rackspace Technology Stock Performance

Shares of Rackspace Technology stock opened at $2.64 on Friday. The firm has a fifty day moving average of $2.57 and a two-hundred day moving average of $2.43. The stock has a market capitalization of $600.78 million, a price-to-earnings ratio of -0.76 and a beta of 1.97. Rackspace Technology has a 52 week low of $1.22 and a 52 week 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, beating the consensus estimate of ($0.07) by $0.03. The company had revenue of $675.80 million during the quarter, compared to analyst estimates of $675.14 million. The company’s quarterly revenue was down 7.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.04) EPS. As a group, research analysts forecast that Rackspace Technology will post -0.27 EPS for the current fiscal year.

Insider Transactions at Rackspace Technology

In related news, CEO Amar Maletira sold 82,552 shares of Rackspace Technology stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $2.37, for a total value of $195,648.24. Following the sale, the chief executive officer now owns 4,983,984 shares of the company’s stock, valued at approximately $11,812,042.08. This trade represents a 1.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Rackspace Technology

Several hedge funds have recently made changes to their positions in RXT. Renaissance Technologies LLC grew its holdings in shares of Rackspace Technology by 23.7% in the 2nd 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 in the last quarter. US Bancorp DE increased its position in shares of Rackspace Technology by 10,766.2% during the 3rd quarter. US Bancorp DE now owns 16,408 shares of the company’s stock worth $40,000 after purchasing an additional 16,257 shares during the last quarter. Public Employees Retirement System of Ohio raised 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 worth $211,000 after purchasing an additional 30,916 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of Rackspace Technology by 98.2% in the 1st 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 last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of Rackspace Technology in the second quarter valued at $40,000. 82.48% of the stock is owned by institutional investors.

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.