Rackspace Technology, Inc. (NASDAQ:RXT) Receives $2.34 Average Price Target from Analysts

Rackspace Technology, Inc. (NASDAQ:RXT) has received a consensus recommendation of “Hold” from the six analysts that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and one has given a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $2.34.

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

Insider Buying and Selling

In other Rackspace Technology news, CEO Amar Maletira sold 52,206 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $12,566,469.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders sold 227,321 shares of company stock worth $542,103 over the last 90 days. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Rackspace Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RXT. GSA Capital Partners LLP purchased a new stake in shares of Rackspace Technology during the 1st quarter worth approximately $531,000. Renaissance Technologies LLC lifted its position in Rackspace Technology by 23.7% in the second quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock valued at $3,991,000 after acquiring an additional 256,900 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Rackspace Technology in the first quarter valued at $35,000. Public Employees Retirement System of Ohio grew its holdings in shares of Rackspace Technology by 30.1% during the first quarter. Public Employees Retirement System of Ohio now owns 133,484 shares of the company’s stock worth $211,000 after purchasing an additional 30,916 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Rackspace Technology by 98.2% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock worth $51,000 after purchasing an additional 16,484 shares in the last quarter. 82.48% of the stock is owned by institutional investors and hedge funds.

Rackspace Technology Stock Down 2.3 %

RXT opened at $2.33 on Wednesday. Rackspace Technology has a 52 week low of $1.22 and a 52 week high of $3.18. The business has a fifty day simple moving average of $2.46 and a 200-day simple moving average of $2.31. The firm has a market cap of $526.65 million, a P/E ratio of -0.63 and a beta of 1.98.

Rackspace Technology (NASDAQ:RXT) last released its earnings results on Thursday, August 8th. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.03. The firm had revenue of $684.90 million during the quarter, compared to analyst estimates of $669.10 million. Sell-side analysts expect that Rackspace Technology will post -0.32 earnings per share for the current year.

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.