Rackspace Technology, Inc. (NASDAQ:RXT) Given Consensus Recommendation of “Hold” by Analysts

Shares of Rackspace Technology, Inc. (NASDAQ:RXT) have been assigned a consensus recommendation of “Hold” from the six research firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $2.47.

Separately, Barclays lifted their price target on Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a research report on Monday, November 18th.

Rackspace Technology Trading Up 3.3 %

NASDAQ RXT opened at $2.47 on Monday. Rackspace Technology has a 1 year low of $1.45 and a 1 year high of $3.41. The company has a fifty day simple moving average of $2.45 and a 200 day simple moving average of $2.46. The company has a market cap of $562.10 million, a P/E ratio of -0.71 and a beta of 2.02.

Rackspace Technology (NASDAQ:RXT) last released 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 firm had revenue of $675.80 million for the quarter, compared to the consensus estimate of $675.14 million. The firm’s revenue was down 7.7% on a year-over-year basis. During the same quarter last year, the company earned ($0.04) earnings per share. Equities research analysts forecast that Rackspace Technology will post -0.27 EPS for the current fiscal year.

Insider Activity at Rackspace Technology

In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 88,548 shares of the business’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $2.67, for a total value of $236,423.16. Following the sale, the executive vice president now owns 2,334,166 shares of the company’s stock, valued at $6,232,223.22. The trade was a 3.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Srini Koushik sold 19,470 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $2.67, for a total transaction of $51,984.90. Following the transaction, the chief technology officer now directly 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 194,864 shares of company stock worth $508,997 over the last three months. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Rackspace Technology

Large investors have recently modified their holdings of the stock. Creative Planning acquired a new stake in Rackspace Technology in the 3rd quarter valued at $29,000. US Bancorp DE boosted its stake in shares of Rackspace Technology by 10,766.2% in the 3rd quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after purchasing an additional 16,257 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of Rackspace Technology in the 3rd quarter worth about $50,000. FMR LLC increased its position in shares of Rackspace Technology by 437.5% during the 3rd quarter. FMR LLC now owns 31,154 shares of the company’s stock worth $76,000 after purchasing an additional 25,358 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Rackspace Technology in the third quarter valued at about $81,000. 82.48% of the stock is currently owned by institutional investors.

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.