Rackspace Technology, Inc. (NASDAQ:RXT) Receives $2.47 Consensus Target Price from Analysts

Rackspace Technology, Inc. (NASDAQ:RXT) has earned a consensus recommendation of “Hold” from the six research firms that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $2.47.

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

Insider Buying and Selling

In other news, EVP Dharmendra Kumar Sinha sold 88,548 shares of the business’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $2.67, for a total transaction of $236,423.16. Following the transaction, the executive vice president now owns 2,334,166 shares of the company’s stock, valued at approximately $6,232,223.22. The trade was a 3.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Anthony C. Roberts acquired 19,455 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average cost of $2.60 per share, with a total value of $50,583.00. Following the acquisition, the director now directly owns 161,930 shares of the company’s stock, valued at $421,018. This trade represents a 13.66 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 194,864 shares of company stock worth $508,997. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Rackspace Technology

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its stake in shares of Rackspace Technology by 17.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 222,778 shares of the company’s stock valued at $664,000 after purchasing an additional 32,468 shares during the last quarter. 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 buying an additional 256,900 shares during the last quarter. Sargent Investment Group LLC increased its position in shares of Rackspace Technology by 86.9% during the second quarter. Sargent Investment Group LLC now owns 215,100 shares of the company’s stock valued at $641,000 after acquiring an additional 100,000 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Rackspace Technology by 44.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock valued at $89,000 after acquiring an additional 9,275 shares during the period. Finally, Susquehanna Fundamental Investments LLC lifted its holdings in shares of Rackspace Technology by 143.7% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 53,506 shares of the company’s stock worth $159,000 after acquiring an additional 31,550 shares during the last quarter. 82.48% of the stock is currently owned by institutional investors and hedge funds.

Rackspace Technology Stock Up 3.3 %

RXT stock opened at $2.47 on Monday. Rackspace Technology has a 52-week low of $1.45 and a 52-week high of $3.41. The firm has a market cap of $562.10 million, a P/E ratio of -0.71 and a beta of 2.02. The company’s 50-day simple moving average is $2.44 and its 200-day simple moving average is $2.45.

Rackspace Technology (NASDAQ:RXT) last announced its 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 business had revenue of $675.80 million for the quarter, compared to analysts’ expectations of $675.14 million. The company’s quarterly revenue was down 7.7% on a year-over-year basis. During the same quarter last year, the business earned ($0.04) EPS. On average, analysts anticipate that Rackspace Technology will post -0.27 earnings per share for the current fiscal 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.