Rackspace Technology (NASDAQ:RXT) Reaches New 52-Week High at $3.18

Rackspace Technology, Inc. (NASDAQ:RXT)’s share price hit a new 52-week high during trading on Friday . The company traded as high as $3.18 and last traded at $3.13, with a volume of 117502 shares traded. The stock had previously closed at $3.00.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Evercore ISI decreased their price target on Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating on the stock in a research note on Wednesday, March 13th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $3.00 price target on shares of Rackspace Technology in a research note on Wednesday, March 13th. Raymond James decreased their price target on Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 13th. Finally, BMO Capital Markets boosted their target price on Rackspace Technology from $1.50 to $2.50 and gave the company a “market perform” rating in a research note on Wednesday, March 13th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $2.31.

Rackspace Technology Stock Down 0.7 %

The company has a market capitalization of $667.07 million, a P/E ratio of -0.75 and a beta of 1.87. The company has a 50-day moving average of $2.12 and a two-hundred day moving average of $1.90.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings results on Wednesday, May 15th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.02. Rackspace Technology had a negative return on equity of 10.18% and a negative net margin of 29.99%. The company had revenue of $690.80 million for the quarter, compared to analyst estimates of $684.21 million. During the same period in the previous year, the company posted ($0.02) earnings per share. The firm’s revenue was down 8.9% on a year-over-year basis. As a group, equities analysts expect that Rackspace Technology, Inc. will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Kellie Teal-Guess sold 61,393 shares of the company’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $2.13, for a total transaction of $130,767.09. Following the transaction, the insider now directly owns 909,775 shares of the company’s stock, valued at $1,937,820.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of Rackspace Technology

Hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its position in Rackspace Technology by 32.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,868,417 shares of the company’s stock worth $4,391,000 after buying an additional 452,862 shares in the last quarter. Acadian Asset Management LLC bought a new position in Rackspace Technology during the third quarter valued at approximately $69,000. Aristeia Capital LLC bought a new position in Rackspace Technology during the third quarter valued at approximately $111,000. SG Americas Securities LLC boosted its stake in Rackspace Technology by 86.4% during the fourth quarter. SG Americas Securities LLC now owns 52,694 shares of the company’s stock valued at $105,000 after buying an additional 24,431 shares during the last quarter. Finally, Raymond James & Associates bought a new position in Rackspace Technology during the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 82.48% of the company’s stock.

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.