Rackspace Technology, Inc. (NASDAQ:RXT) Receives Average Rating of “Reduce” from Brokerages

Shares of Rackspace Technology, Inc. (NASDAQ:RXT) have received a consensus recommendation of “Reduce” from the seven analysts that are covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and one has issued a buy recommendation on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $2.15.

Separately, UBS Group increased their price target on shares of Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a research report on Friday, August 16th.

Insider Activity

In other Rackspace Technology news, CEO Amar Maletira sold 52,206 shares of Rackspace Technology stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $2.35, for a total value of $122,684.10. Following the sale, the chief executive officer now directly owns 5,347,434 shares in the company, valued at approximately $12,566,469.90. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 149,249 shares of Rackspace Technology stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $2.36, for a total value of $352,227.64. Following the sale, the executive vice president now directly owns 2,466,593 shares in the company, valued at approximately $5,821,159.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Amar Maletira sold 52,206 shares of Rackspace Technology stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $2.35, for a total transaction of $122,684.10. Following the completion of the sale, the chief executive officer now owns 5,347,434 shares in the company, valued at approximately $12,566,469.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 376,570 shares of company stock worth $894,330 in the last three months. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Rackspace Technology

A number of institutional investors and hedge funds have recently made changes to their positions in RXT. CastleKnight Management LP purchased a new position in shares of Rackspace Technology in the 4th quarter worth $1,201,000. GSA Capital Partners LLP purchased a new position in shares of Rackspace Technology in the 1st quarter worth $531,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Rackspace Technology in the 1st quarter worth $35,000. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Rackspace Technology by 98.2% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock worth $51,000 after buying an additional 16,484 shares in the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Rackspace Technology by 30.1% in the 1st quarter. Public Employees Retirement System of Ohio now owns 133,484 shares of the company’s stock worth $211,000 after buying an additional 30,916 shares in the last quarter. 82.48% of the stock is owned by hedge funds and other institutional investors.

Rackspace Technology Stock Performance

Shares of RXT stock opened at $2.70 on Friday. Rackspace Technology has a 12-month low of $1.15 and a 12-month high of $3.18. The firm’s 50 day moving average is $2.37 and its 200 day moving average is $2.22. The stock has a market capitalization of $610.28 million, a P/E ratio of -0.73 and a beta of 1.98.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.03. The business had revenue of $684.90 million during the quarter, compared to the consensus estimate of $669.10 million. As a group, equities analysts predict that Rackspace Technology will post -0.32 earnings per share for the current year.

About Rackspace Technology

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.