Rackspace Technology, Inc. (NASDAQ:RXT) Receives Consensus Rating of “Hold” from Analysts

Shares of Rackspace Technology, Inc. (NASDAQ:RXT – Get Rating) have received an average recommendation of “Hold” from the eleven analysts that are currently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and one has issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $5.50.

A number of research analysts recently commented on RXT shares. Credit Suisse Group boosted their price target on Rackspace Technology from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Thursday, November 17th. Deutsche Bank Aktiengesellschaft decreased their price objective on Rackspace Technology from $6.00 to $5.00 in a report on Thursday, November 10th. Evercore ISI decreased their price objective on Rackspace Technology to $5.00 in a report on Thursday, October 20th. Barclays decreased their price objective on Rackspace Technology from $4.00 to $2.00 and set an “underweight” rating on the stock in a report on Monday, December 19th. Finally, Citigroup decreased their price objective on Rackspace Technology from $7.00 to $5.00 in a report on Monday, November 21st.

Insider Buying and Selling

In other Rackspace Technology news, Director Shashank Samant bought 100,000 shares of the company’s stock in a transaction on Tuesday, November 29th. The stock was acquired at an average price of $4.55 per share, for a total transaction of $455,000.00. Following the completion of the transaction, the director now directly owns 138,574 shares of the company’s stock, valued at $630,511.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 2.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rackspace Technology

Hedge funds have recently bought and sold shares of the business. PNC Financial Services Group Inc. grew its position in Rackspace Technology by 693.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,347 shares of the company’s stock valued at $37,000 after acquiring an additional 2,925 shares during the last quarter. Point72 Hong Kong Ltd grew its position in Rackspace Technology by 144.4% in the 2nd quarter. Point72 Hong Kong Ltd now owns 4,831 shares of the company’s stock valued at $35,000 after acquiring an additional 2,854 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of Rackspace Technology during the 1st quarter worth $79,000. Ensign Peak Advisors Inc bought a new position in shares of Rackspace Technology during the 3rd quarter worth $31,000. Finally, Amalgamated Bank bought a new position in shares of Rackspace Technology during the 1st quarter worth $92,000.

Rackspace Technology Stock Up 1.8 %

NASDAQ RXT opened at $2.85 on Monday. The stock’s 50 day moving average is $3.55 and its 200 day moving average is $4.74. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 4.48. Rackspace Technology has a 12 month low of $2.51 and a 12 month high of $13.62. The stock has a market cap of $601.66 million, a PE ratio of -0.89, a P/E/G ratio of 2.91 and a beta of 1.37.

Rackspace Technology (NASDAQ:RXT – Get Rating) last posted its quarterly earnings results on Wednesday, November 9th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. Rackspace Technology had a positive return on equity of 12.90% and a negative net margin of 21.64%. The company had revenue of $787.60 million for the quarter, compared to analysts’ expectations of $773.42 million. Research analysts predict that Rackspace Technology will post 0.54 EPS for the current fiscal year.

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.