Brokerages Set Rackspace Technology, Inc. (NASDAQ:RXT) PT at $2.31

Shares of Rackspace Technology, Inc. (NASDAQ:RXT) have been given an average recommendation of “Hold” by the eight research firms that are presently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $2.31.

Several equities research analysts have commented on RXT shares. BMO Capital Markets boosted their price target on shares of Rackspace Technology from $1.50 to $2.50 and gave the stock a “market perform” rating in a research report on Wednesday, March 13th. Evercore ISI cut their price objective on Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating on the stock in a report on Wednesday, March 13th. Royal Bank of Canada restated a “sector perform” rating and set a $3.00 price objective on shares of Rackspace Technology in a report on Wednesday, March 13th. Finally, Raymond James cut their price objective on Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating on the stock in a report on Wednesday, March 13th.

Rackspace Technology Trading Up 3.3 %

Shares of Rackspace Technology stock opened at $1.57 on Friday. The company’s 50-day moving average price is $1.79 and its two-hundred day moving average price is $1.66. Rackspace Technology has a 52 week low of $1.05 and a 52 week high of $3.10. The stock has a market cap of $345.02 million, a PE ratio of -0.40 and a beta of 1.94.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings results on Tuesday, March 12th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. Rackspace Technology had a negative net margin of 28.33% and a negative return on equity of 10.18%. The firm had revenue of $720.00 million for the quarter, compared to analysts’ expectations of $714.74 million. During the same period in the previous year, the business earned $0.06 earnings per share. Rackspace Technology’s revenue for the quarter was down 8.5% compared to the same quarter last year. On average, equities analysts predict that Rackspace Technology will post -0.38 EPS for the current fiscal year.

Insider Activity

In other news, EVP Brian Lillie sold 139,701 shares of the company’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $1.62, for a total value of $226,315.62. Following the transaction, the executive vice president now owns 1,608,258 shares in the company, valued at approximately $2,605,377.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Rackspace Technology news, EVP Brian Lillie sold 139,701 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $1.62, for a total transaction of $226,315.62. Following the completion of the sale, the executive vice president now owns 1,608,258 shares of the company’s stock, valued at $2,605,377.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Amar Maletira sold 37,446 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $1.92, for a total value of $71,896.32. Following the transaction, the chief executive officer now owns 4,638,423 shares of the company’s stock, valued at $8,905,772.16. The disclosure for this sale can be found here. Insiders have sold 189,463 shares of company stock worth $318,164 in the last 90 days. Company insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Goldman Sachs Group Inc. lifted its holdings in shares of Rackspace Technology by 52.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 713,327 shares of the company’s stock worth $1,427,000 after buying an additional 244,748 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Rackspace Technology during the fourth quarter worth approximately $26,000. Public Employees Retirement System of Ohio raised its stake in shares of Rackspace Technology by 1,704.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 102,568 shares of the company’s stock valued at $205,000 after purchasing an additional 96,885 shares in the last quarter. Barclays PLC raised its stake in shares of Rackspace Technology by 132.2% in the fourth quarter. Barclays PLC now owns 117,063 shares of the company’s stock valued at $235,000 after purchasing an additional 66,642 shares in the last quarter. Finally, CastleKnight Management LP acquired a new position in shares of Rackspace Technology in the fourth quarter valued at $1,201,000. 82.48% of the stock is currently owned by institutional investors and hedge funds.

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.