Analysts Set Rackspace Technology, Inc. (NASDAQ:RXT) PT at $1.70
by Mitch Edgeman · The Markets DailyRackspace Technology, Inc. (NASDAQ:RXT – Get Free Report) has been assigned an average rating of “Reduce” from the six brokerages that are covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation and four have given a hold recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $1.70.
A number of brokerages have issued reports on RXT. Royal Bank Of Canada lifted their price objective on Rackspace Technology from $1.75 to $2.50 and gave the company a “sector perform” rating in a research note on Friday, February 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rackspace Technology in a research note on Thursday, January 22nd.
Check Out Our Latest Analysis on RXT
Rackspace Technology Stock Performance
Shares of RXT opened at $1.05 on Wednesday. Rackspace Technology has a fifty-two week low of $0.39 and a fifty-two week high of $2.74. The firm’s 50-day simple moving average is $1.25 and its two-hundred day simple moving average is $1.25. The stock has a market cap of $259.26 million, a PE ratio of -1.11 and a beta of 1.80.
Rackspace Technology (NASDAQ:RXT – Get Free Report) last released its earnings results on Thursday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.03. The business had revenue of $682.80 million for the quarter, compared to analysts’ expectations of $672.56 million. Rackspace Technology has set its FY 2026 guidance at -0.200–0.15 EPS.
Insider Transactions at Rackspace Technology
In related news, CFO Mark A. Marino sold 234,683 shares of the stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $1.63, for a total transaction of $382,533.29. Following the sale, the chief financial officer directly owned 2,193,115 shares of the company’s stock, valued at approximately $3,574,777.45. This represents a 9.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Dharmendra Kumar Sinha sold 188,123 shares of the firm’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $1.81, for a total transaction of $340,502.63. Following the sale, the executive vice president owned 2,276,057 shares of the company’s stock, valued at approximately $4,119,663.17. This represents a 7.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 502,440 shares of company stock worth $867,173. 2.90% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Rackspace Technology
Several institutional investors and hedge funds have recently made changes to their positions in RXT. Quadrature Capital Ltd purchased a new position in Rackspace Technology in the 2nd quarter worth approximately $26,000. Savant Capital LLC purchased a new stake in Rackspace Technology during the 3rd quarter valued at $33,000. R Squared Ltd increased its holdings in shares of Rackspace Technology by 74.3% in the 3rd quarter. R Squared Ltd now owns 25,127 shares of the company’s stock worth $35,000 after purchasing an additional 10,707 shares in the last quarter. Creative Planning increased its holdings in shares of Rackspace Technology by 114.2% in the 2nd quarter. Creative Planning now owns 25,715 shares of the company’s stock worth $33,000 after purchasing an additional 13,708 shares in the last quarter. Finally, Engineers Gate Manager LP raised its stake in shares of Rackspace Technology by 47.1% in the second quarter. Engineers Gate Manager LP now owns 34,777 shares of the company’s stock worth $45,000 after purchasing an additional 11,141 shares during the last quarter. Institutional investors own 82.48% of the company’s stock.
About Rackspace Technology
Rackspace Technology (NASDAQ: RXT) is a leading provider of managed multi-cloud solutions and services, specializing in the deployment, management and optimization of public and private cloud environments. The company helps organizations design and operate applications across platforms such as Amazon Web Services (AWS), Microsoft Azure, Google Cloud and its own private cloud infrastructure. Rackspace’s core offerings include cloud migration, application modernization, data protection, security services and 24x7x365 operational support.
Beyond cloud hosting, Rackspace offers a range of professional services designed to accelerate digital transformation initiatives.