Rackspace Technology, Inc. (NASDAQ:RXT) Receives Average Rating of "Reduce" from Brokerages

Shares of Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) have been given an average recommendation of "Reduce" by the seven analysts that are currently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $2.15.

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

Insider Activity

In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the company's stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $2.36, for a total value of $352,227.64. Following the completion of the transaction, the executive vice president now directly owns 2,466,593 shares in the company, valued at approximately $5,821,159.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Amar Maletira sold 84,823 shares of the company's stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $2.42, for a total value of $205,271.66. Following the sale, the chief executive officer now directly owns 5,158,399 shares in the company, valued at $12,483,325.58. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Dharmendra Kumar Sinha sold 149,249 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $2.36, for a total transaction of $352,227.64. Following the sale, the executive vice president now directly owns 2,466,593 shares of the company's stock, valued at $5,821,159.48. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 376,570 shares of company stock valued at $894,330 over the last quarter. 1.00% of the stock is owned by company insiders.

Institutional Trading of Rackspace Technology

Several hedge funds have recently modified their holdings of RXT. SG Americas Securities LLC raised its position in shares of Rackspace Technology by 64.7% during the third quarter. SG Americas Securities LLC now owns 34,467 shares of the company's stock worth $84,000 after purchasing an additional 13,543 shares during the period. Susquehanna Fundamental Investments LLC increased its stake in Rackspace Technology by 143.7% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 53,506 shares of the company's stock valued at $159,000 after purchasing an additional 31,550 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Rackspace Technology by 44.7% during the second quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company's stock worth $89,000 after buying an additional 9,275 shares during the last quarter. Sargent Investment Group LLC lifted its stake in shares of Rackspace Technology by 86.9% in the second quarter. Sargent Investment Group LLC now owns 215,100 shares of the company's stock valued at $641,000 after buying an additional 100,000 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of Rackspace Technology by 23.7% during the second quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company's stock worth $3,991,000 after acquiring an additional 256,900 shares in the last quarter. Institutional investors own 82.48% of the company's stock.

Rackspace Technology Stock Up 7.6 %

Shares of RXT stock traded up $0.18 during trading hours on Friday, reaching $2.54. The company's stock had a trading volume of 629,161 shares, compared to its average volume of 1,153,947. Rackspace Technology has a fifty-two week low of $1.15 and a fifty-two week high of $3.18. The firm's 50 day simple moving average is $2.33 and its 200-day simple moving average is $2.19. The company has a market capitalization of $568.58 million, a price-to-earnings ratio of -0.64 and a beta of 1.98.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last released its quarterly earnings data 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 business had revenue of $684.90 million during the quarter, compared to analyst estimates of $669.10 million. Sell-side analysts predict that Rackspace Technology will post -0.32 earnings per share for the current 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.