Rackspace Technology (NASDAQ:RXT) Given New $5.00 Price Target at Citigroup

Rackspace Technology (NASDAQ:RXTGet Rating) had its price objective cut by Citigroup from $7.00 to $5.00 in a report released on Monday morning, The Fly reports.

Several other brokerages also recently weighed in on RXT. William Blair downgraded shares of Rackspace Technology from an outperform rating to a market perform rating in a research note on Wednesday, August 10th. JPMorgan Chase & Co. downgraded shares of Rackspace Technology from a neutral rating to an underweight rating and cut their target price for the company from $7.00 to $5.00 in a research note on Tuesday, August 16th. Royal Bank of Canada downgraded shares of Rackspace Technology from an outperform rating to a sector perform rating and cut their target price for the company from $9.00 to $7.00 in a research note on Thursday, August 11th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Rackspace Technology from $6.00 to $5.00 in a research note on Thursday, November 10th. Finally, Credit Suisse Group upped their price objective on shares of Rackspace Technology from $7.00 to $8.00 and gave the company an outperform rating in a research note on Thursday, November 17th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $7.60.

Rackspace Technology Trading Up 0.6 %

Shares of RXT stock opened at $4.75 on Monday. The firm has a 50-day moving average price of $4.81 and a 200 day moving average price of $6.23. Rackspace Technology has a twelve month low of $3.70 and a twelve month high of $15.65. The company has a market capitalization of $1.00 billion, a price-to-earnings ratio of -1.49, a PEG ratio of 0.88 and a beta of 1.20. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 4.48.

Hedge Funds Weigh In On Rackspace Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Rackspace Technology by 11.8% during the 3rd quarter. Vanguard Group Inc. now owns 6,764,000 shares of the company’s stock valued at $27,597,000 after buying an additional 711,535 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Rackspace Technology by 44.7% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 33,439 shares of the company’s stock valued at $137,000 after acquiring an additional 10,336 shares in the last quarter. Ensign Peak Advisors Inc acquired a new stake in shares of Rackspace Technology during the 3rd quarter valued at approximately $31,000. First Trust Advisors LP raised its position in shares of Rackspace Technology by 102.8% during the 3rd quarter. First Trust Advisors LP now owns 29,795,064 shares of the company’s stock valued at $121,564,000 after acquiring an additional 15,103,307 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Rackspace Technology by 2.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 408,379 shares of the company’s stock valued at $1,667,000 after acquiring an additional 8,489 shares in the last quarter. Hedge funds and other institutional investors own 88.15% of the company’s stock.

Rackspace Technology Company Profile

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Rackspace Technology, Inc operates as a multi cloud technology services company worldwide. It operates through Multicloud Services and Apps & Cross Platform segments. The company's Multicloud Services segment provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; and professional services related to designing and building multi cloud solutions and cloud-native applications.

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