Rackspace Technology, Inc. (NASDAQ:RXT) Receives $2.34 Consensus Target Price from Analysts

Shares of Rackspace Technology, Inc. (NASDAQ:RXT) have been assigned a consensus rating of “Hold” from the six brokerages that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $2.34.

Separately, UBS Group upped their price objective on shares of Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a research report on Friday, August 16th.

Rackspace Technology Stock Performance

Shares of NASDAQ RXT opened at $2.33 on Wednesday. The company has a market capitalization of $526.65 million, a PE ratio of -0.63 and a beta of 1.98. The company’s fifty day moving average price is $2.46 and its 200 day moving average price is $2.31. Rackspace Technology has a 1 year low of $1.22 and a 1 year high of $3.18.

Rackspace Technology (NASDAQ:RXT) last posted its earnings results on Thursday, August 8th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.03. The firm had revenue of $684.90 million for the quarter, compared to analysts’ expectations of $669.10 million. On average, equities analysts expect that Rackspace Technology will post -0.32 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Amar Maletira sold 52,206 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $2.35, for a total transaction of $122,684.10. Following the completion of the sale, the chief executive officer now owns 5,347,434 shares of the company’s stock, valued at approximately $12,566,469.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 227,321 shares of company stock valued at $542,103 in the last 90 days. 2.00% of the stock is owned by insiders.

Institutional Trading of Rackspace Technology

Large investors have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP purchased a new stake in shares of Rackspace Technology in the 1st quarter valued at approximately $531,000. Renaissance Technologies LLC increased its stake in Rackspace Technology by 23.7% during the second quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock worth $3,991,000 after acquiring an additional 256,900 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Rackspace Technology during the first quarter worth $35,000. Public Employees Retirement System of Ohio raised its position in Rackspace Technology by 30.1% in the first quarter. Public Employees Retirement System of Ohio now owns 133,484 shares of the company’s stock valued at $211,000 after purchasing an additional 30,916 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its stake 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 purchasing an additional 16,484 shares during the last quarter. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

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.