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

Rackspace Technology, Inc. (NASDAQ:RXT) has been assigned a consensus rating of “Hold” from the six analysts that are presently covering the company, MarketBeat reports. One 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 target price among brokerages that have covered the stock in the last year is $2.47.

Separately, Barclays boosted their price objective on shares of Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a research note on Monday, November 18th.

Insider Activity

In related news, CTO Srini Koushik sold 19,470 shares of the business’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $2.67, for a total value of $51,984.90. Following the sale, the chief technology officer now owns 1,026,279 shares of the company’s stock, valued at $2,740,164.93. The trade was a 1.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Amar Maletira sold 84,823 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $2.42, for a total value of $205,271.66. Following the sale, the chief executive officer now directly owns 5,158,399 shares of the company’s stock, valued at $12,483,325.58. This represents a 1.62 % decrease in their ownership of the stock. 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 three months. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Rackspace Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company increased its stake in shares of Rackspace Technology by 44.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock worth $89,000 after purchasing an additional 9,275 shares during the last quarter. ClariVest Asset Management LLC increased its holdings in shares of Rackspace Technology by 2.8% during the 2nd quarter. ClariVest Asset Management LLC now owns 379,721 shares of the company’s stock worth $1,132,000 after acquiring an additional 10,281 shares during the last quarter. Creative Planning bought a new stake in Rackspace Technology in the 3rd quarter valued at $29,000. Allspring Global Investments Holdings LLC acquired a new stake in Rackspace Technology during the 2nd quarter valued at $40,000. Finally, SG Americas Securities LLC boosted its position in Rackspace Technology by 64.7% during the third quarter. SG Americas Securities LLC now owns 34,467 shares of the company’s stock worth $84,000 after purchasing an additional 13,543 shares during the period. 82.48% of the stock is owned by institutional investors.

Rackspace Technology Stock Up 0.4 %

Shares of RXT opened at $2.25 on Thursday. Rackspace Technology has a 52-week low of $1.45 and a 52-week high of $3.41. The stock has a fifty day simple moving average of $2.55 and a two-hundred day simple moving average of $2.49. The company has a market capitalization of $512.03 million, a PE ratio of -0.64 and a beta of 1.99.

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

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.