Analysts Set Rackspace Technology, Inc. (NASDAQ:RXT) PT at $27.95

Rackspace Technology, Inc. (NASDAQ:RXT) has earned a consensus rating of “Buy” from the thirteen research firms that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $27.95.

A number of analysts have weighed in on the company. Oppenheimer assumed coverage on Rackspace Technology in a research report on Monday, January 25th. They issued an “outperform” rating and a $28.00 price target on the stock. Raymond James upgraded Rackspace Technology from an “outperform” rating to a “strong-buy” rating and set a $28.50 price target on the stock in a report on Wednesday. William Blair started coverage on Rackspace Technology in a research note on Wednesday, March 31st. They issued an “outperform” rating on the stock. Finally, Zacks Investment Research lowered Rackspace Technology from a “hold” rating to a “sell” rating in a research note on Thursday.

In other Rackspace Technology news, SVP Thomas Wolf sold 19,999 shares of the stock in a transaction on Monday, March 1st. The stock was sold at an average price of $20.66, for a total transaction of $413,179.34. Following the completion of the transaction, the senior vice president now directly owns 28,191 shares of the company’s stock, valued at $582,426.06. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Braun Stacey Associates Inc. bought a new stake in shares of Rackspace Technology in the first quarter worth about $13,832,000. Xcel Wealth Management LLC lifted its holdings in shares of Rackspace Technology by 1.8% during the fourth quarter. Xcel Wealth Management LLC now owns 54,548 shares of the company’s stock valued at $1,039,000 after purchasing an additional 970 shares during the last quarter. LGT Capital Partners LTD. raised its holdings in Rackspace Technology by 3.0% in the 4th quarter. LGT Capital Partners LTD. now owns 345,000 shares of the company’s stock worth $6,576,000 after acquiring an additional 10,000 shares during the last quarter. Signaturefd LLC purchased a new position in Rackspace Technology in the 4th quarter worth approximately $26,000. Finally, Boston Partners raised its stake in Rackspace Technology by 19.3% during the 4th quarter. Boston Partners now owns 5,407,729 shares of the company’s stock valued at $103,071,000 after buying an additional 875,863 shares during the last quarter. Institutional investors and hedge funds own 78.32% of the company’s stock.

Shares of RXT stock traded up $0.06 during trading hours on Friday, reaching $18.34. 2,279,465 shares of the company’s stock were exchanged, compared to its average volume of 2,110,382. Rackspace Technology has a fifty-two week low of $15.25 and a fifty-two week high of $26.43. The business has a fifty day moving average price of $24.41 and a 200-day moving average price of $20.96. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.75.

Rackspace Technology (NASDAQ:RXT) last issued its earnings results on Monday, May 10th. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.02. The firm had revenue of $725.90 million during the quarter, compared to analyst estimates of $724.67 million. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.16 earnings per share. On average, equities analysts predict that Rackspace Technology will post 0.79 EPS for the current year.

Rackspace Technology Company Profile

Rackspace Technology, Inc operates as a multi cloud technology services company worldwide. It operates through Multicloud Services and Apps & Cross Platform segments. The company's Multicloud Services segment provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; and professional services related to designing and building multi cloud solutions and cloud-native applications.

Further Reading: FinTech

Analyst Recommendations for Rackspace Technology (NASDAQ:RXT)

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