Rackspace Technology, Inc. (NASDAQ:RXT) Receives $2.47 Average Target Price from Analysts

Shares of Rackspace Technology, Inc. (NASDAQ:RXT) have received an average recommendation of “Hold” from the six research firms that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $2.47.

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

Rackspace Technology Stock Performance

Shares of NASDAQ:RXT opened at $2.38 on Monday. The business’s fifty day moving average price is $2.46 and its two-hundred day moving average price is $2.46. The stock has a market cap of $541.61 million, a PE ratio of -0.68 and a beta of 2.02. Rackspace Technology has a one year low of $1.45 and a one year high of $3.41.

Rackspace Technology (NASDAQ:RXT) last announced its earnings results on Tuesday, November 12th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. The company had revenue of $675.80 million for the quarter, compared to analyst estimates of $675.14 million. Rackspace Technology’s quarterly revenue was down 7.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.04) EPS. As a group, equities research analysts predict that Rackspace Technology will post -0.27 earnings per share for the current fiscal year.

Insider Transactions at Rackspace Technology

In related news, CEO Amar Maletira sold 55,461 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $2.54, for a total value of $140,870.94. Following the transaction, the chief executive officer now directly owns 4,928,523 shares of the company’s stock, valued at approximately $12,518,448.42. This trade represents a 1.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Dharmendra Kumar Sinha sold 88,548 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $2.67, for a total value of $236,423.16. Following the completion of the transaction, the executive vice president now directly owns 2,334,166 shares in the company, valued at $6,232,223.22. This trade represents a 3.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 194,864 shares of company stock worth $508,997 over the last quarter. 2.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RXT. The Manufacturers Life Insurance Company grew its stake in shares of Rackspace Technology by 44.7% during the second quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock valued at $89,000 after acquiring an additional 9,275 shares in the last quarter. Creative Planning acquired a new stake in shares of Rackspace Technology during the third quarter valued at about $29,000. SG Americas Securities LLC grew its stake in shares of Rackspace Technology by 64.7% during the third quarter. SG Americas Securities LLC now owns 34,467 shares of the company’s stock valued at $84,000 after acquiring an additional 13,543 shares in the last quarter. US Bancorp DE grew its stake in shares of 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 in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in shares of Rackspace Technology during the third quarter valued at about $50,000. 82.48% of the stock is owned by hedge funds and other 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.