Analysts Set Rackspace Technology, Inc. (NASDAQ:RXT) Target Price at $2.47

by · The Markets Daily

Rackspace Technology, Inc. (NASDAQ:RXT – Get Free Report) has been given a consensus rating of “Hold” by the six ratings firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $2.47.

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

Check Out Our Latest Analysis on RXT

Insider Transactions at Rackspace Technology

In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 88,548 shares of Rackspace Technology stock in a transaction on Friday, November 29th. The shares were sold at an average price of $2.67, for a total value of $236,423.16. Following the sale, the executive vice president now directly owns 2,334,166 shares in the company, valued at approximately $6,232,223.22. The trade was a 3.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Amar Maletira sold 84,823 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $2.42, for a total transaction of $205,271.66. Following the transaction, the chief executive officer now directly owns 5,158,399 shares of the company’s stock, valued at $12,483,325.58. This trade represents a 1.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 362,239 shares of company stock valued at $909,917 over the last 90 days. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Rackspace Technology

Institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC raised its position in shares of Rackspace Technology by 23.7% during the 2nd quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock valued at $3,991,000 after buying an additional 256,900 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in Rackspace Technology by 139.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 814,624 shares of the company’s stock worth $1,996,000 after acquiring an additional 474,299 shares during the last quarter. US Bancorp DE lifted its stake in shares of Rackspace Technology by 10,766.2% in the 3rd quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after purchasing an additional 16,257 shares during the last quarter. Jane Street Group LLC boosted its holdings in shares of Rackspace Technology by 27.4% in the 3rd quarter. Jane Street Group LLC now owns 773,454 shares of the company’s stock worth $1,895,000 after purchasing an additional 166,528 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of Rackspace Technology during the 2nd quarter valued at approximately $40,000. Institutional investors own 82.48% of the company’s stock.

Rackspace Technology Stock Performance

Rackspace Technology stock opened at $2.22 on Thursday. Rackspace Technology has a one year low of $1.45 and a one year high of $3.41. The stock has a fifty day moving average of $2.52 and a 200 day moving average of $2.49. The stock has a market cap of $505.20 million, a PE ratio of -0.64 and a beta of 1.99.

Rackspace Technology (NASDAQ:RXT – Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.03. The business had revenue of $675.80 million for the quarter, compared to analysts’ expectations of $675.14 million. Rackspace Technology’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.04) EPS. As a group, sell-side analysts predict that Rackspace Technology will post -0.27 EPS for the current fiscal year.

Rackspace Technology Company Profile

(Get Free Report

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.

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