Rackspace Technology (NASDAQ:RXT) Hits New 52-Week High at $3.18

Rackspace Technology, Inc. (NASDAQ:RXT)’s share price reached a new 52-week high on Friday . The stock traded as high as $3.18 and last traded at $3.13, with a volume of 117502 shares traded. The stock had previously closed at $3.00.

Analysts Set New Price Targets

RXT has been the subject of a number of recent analyst reports. Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 price objective on shares of Rackspace Technology in a research note on Wednesday, March 13th. Raymond James lowered their price objective on shares of Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 13th. BMO Capital Markets increased their target price on shares of Rackspace Technology from $1.50 to $2.50 and gave the company a “market perform” rating in a research report on Wednesday, March 13th. Finally, Evercore ISI lowered their price target on shares of Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating on the stock in a report on Wednesday, March 13th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $2.31.

Rackspace Technology Trading Up 1.7 %

The firm has a 50-day moving average price of $2.09 and a 200 day moving average price of $1.89.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings results on Wednesday, May 15th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.02. Rackspace Technology had a negative net margin of 29.99% and a negative return on equity of 10.18%. The business had revenue of $690.80 million during the quarter, compared to analyst estimates of $684.21 million. During the same period in the prior year, the business posted ($0.02) earnings per share. The company’s revenue was down 8.9% on a year-over-year basis. On average, sell-side analysts anticipate that Rackspace Technology, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Kellie Teal-Guess sold 61,393 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $2.13, for a total transaction of $130,767.09. Following the completion of the transaction, the insider now owns 909,775 shares in the company, valued at $1,937,820.75. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RXT. Charles Schwab Investment Management Inc. increased its stake in shares of Rackspace Technology by 32.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,868,417 shares of the company’s stock valued at $4,391,000 after purchasing an additional 452,862 shares in the last quarter. Acadian Asset Management LLC bought a new position in Rackspace Technology during the 3rd quarter valued at approximately $69,000. Aristeia Capital LLC purchased a new position in Rackspace Technology during the third quarter valued at $111,000. SG Americas Securities LLC boosted its holdings in Rackspace Technology by 86.4% in the fourth quarter. SG Americas Securities LLC now owns 52,694 shares of the company’s stock worth $105,000 after acquiring an additional 24,431 shares in the last quarter. Finally, Raymond James & Associates purchased a new stake in shares of Rackspace Technology in the fourth quarter worth $29,000. Hedge funds and other institutional investors own 82.48% of the company’s stock.

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.