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

Rackspace Technology, Inc. (NASDAQ:RXT) has been given an average rating of “Hold” by the six research firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $2.47.

RXT has been the subject of a number of research analyst reports. Barclays boosted their price target on Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a report on Monday, November 18th. UBS Group boosted their price target on Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a report on Friday, August 16th.

Insider Activity at Rackspace Technology

In other Rackspace Technology news, CEO Amar Maletira sold 82,552 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $2.37, for a total transaction of $195,648.24. Following the completion of the transaction, the chief executive officer now directly owns 4,983,984 shares of the company’s stock, valued at approximately $11,812,042.08. This represents a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rackspace Technology

Institutional investors and hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC boosted its holdings in shares of Rackspace Technology by 23.7% in 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 period. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Rackspace Technology by 139.4% in 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 period. Jane Street Group LLC boosted its holdings in shares of Rackspace Technology by 27.4% in the third quarter. Jane Street Group LLC now owns 773,454 shares of the company’s stock worth $1,895,000 after acquiring an additional 166,528 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Rackspace Technology by 7.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 590,724 shares of the company’s stock worth $1,447,000 after acquiring an additional 41,697 shares during the period. Finally, ClariVest Asset Management LLC boosted its holdings in shares of Rackspace Technology by 2.8% in the second 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 period. 82.48% of the stock is owned by institutional investors.

Rackspace Technology Price Performance

RXT opened at $2.64 on Friday. The business has a fifty day simple moving average of $2.56 and a 200 day simple moving average of $2.43. The company has a market capitalization of $600.78 million, a PE ratio of -0.76 and a beta of 1.97. Rackspace Technology has a 1 year low of $1.22 and a 1 year high of $3.41.

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

Rackspace Technology Company Profile

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.