Rackspace Technology, Inc. (NASDAQ:RXT – Get Free Report) has been assigned an average recommendation of “Hold” from the eight brokerages that are covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $2.31.
Several equities research analysts recently weighed in on the company. BMO Capital Markets lifted their price target on Rackspace Technology from $1.50 to $2.50 and gave the company a “market perform” rating in a research report on Wednesday, March 13th. Evercore ISI dropped their price target on Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating on the stock in a research report on Wednesday, March 13th. Royal Bank of Canada reissued a “sector perform” rating and issued a $3.00 target price on shares of Rackspace Technology in a report on Wednesday, March 13th. Finally, Raymond James dropped their target price on Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating on the stock in a report on Wednesday, March 13th.
Get Our Latest Report on Rackspace Technology
Insider Buying and Selling at Rackspace Technology
Hedge Funds Weigh In On Rackspace Technology
Large investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its holdings in Rackspace Technology by 693.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,347 shares of the company’s stock worth $37,000 after purchasing an additional 2,925 shares during the period. Point72 Hong Kong Ltd raised its holdings in shares of Rackspace Technology by 144.4% during the second quarter. Point72 Hong Kong Ltd now owns 4,831 shares of the company’s stock valued at $35,000 after acquiring an additional 2,854 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of Rackspace Technology during the first quarter valued at approximately $79,000. Ensign Peak Advisors Inc acquired a new position in shares of Rackspace Technology during the third quarter valued at approximately $31,000. Finally, ProShare Advisors LLC acquired a new position in shares of Rackspace Technology during the second quarter valued at approximately $28,000. Institutional investors and hedge funds own 82.48% of the company’s stock.
Rackspace Technology Trading Down 1.3 %
Shares of NASDAQ RXT opened at $1.58 on Friday. The stock has a market cap of $347.21 million, a price-to-earnings ratio of -0.40 and a beta of 1.94. Rackspace Technology has a 1-year low of $1.05 and a 1-year high of $3.10. The stock’s 50-day moving average is $1.79 and its 200 day moving average is $1.66.
Rackspace Technology (NASDAQ:RXT – Get Free Report) last announced its quarterly earnings results on Tuesday, March 12th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $720.00 million for the quarter, compared to analysts’ expectations of $714.74 million. Rackspace Technology had a negative return on equity of 10.18% and a negative net margin of 28.33%. The business’s quarterly revenue was down 8.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.06 EPS. On average, analysts forecast that Rackspace Technology will post -0.38 EPS for the current fiscal 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.
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