Rackspace Technology, Inc. (NASDAQ:RXT) Receives Consensus Recommendation of "Hold" from Brokerages

Shares of Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) have been given a consensus recommendation of "Hold" by the six analysts that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $2.47.

Separately, Barclays lifted their price target on shares of Rackspace Technology from $1.00 to $2.00 and gave the company an "underweight" rating in a report on Monday, November 18th.

Rackspace Technology Price Performance

Shares of RXT stock remained flat at $2.24 during trading hours on Thursday. The company's stock had a trading volume of 684,187 shares, compared to its average volume of 1,076,118. Rackspace Technology has a 52-week low of $1.45 and a 52-week high of $3.41. The company's fifty day moving average is $2.56 and its 200 day moving average is $2.48. The firm has a market capitalization of $509.75 million, a P/E ratio of -0.64 and a beta of 1.99.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.03. The business had revenue of $675.80 million during the quarter, compared to analyst estimates of $675.14 million. The business's quarterly revenue was down 7.7% compared to the same quarter last year. During the same period last year, the business earned ($0.04) earnings per share. On average, research analysts expect that Rackspace Technology will post -0.27 EPS for the current year.

Insider Activity

In related news, Director Anthony C. Roberts purchased 19,455 shares of Rackspace Technology stock in a transaction on Friday, December 6th. The shares were purchased at an average price of $2.60 per share, for a total transaction of $50,583.00. Following the transaction, the director now owns 161,930 shares of the company's stock, valued at approximately $421,018. This represents a 13.66 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Amar Maletira sold 82,552 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $2.37, for a total value of $195,648.24. Following the completion of the sale, the chief executive officer now directly owns 4,983,984 shares of the company's stock, valued at approximately $11,812,042.08. The trade was a 1.63 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 362,239 shares of company stock valued at $909,917. 2.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Rackspace Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. raised its position in shares of Rackspace Technology by 139.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 814,624 shares of the company's stock worth $1,996,000 after acquiring an additional 474,299 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Rackspace Technology by 23.7% in the second quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company's stock worth $3,991,000 after purchasing an additional 256,900 shares in the last quarter. GSA Capital Partners LLP acquired a new position in Rackspace Technology in the third quarter valued at approximately $412,000. Franklin Resources Inc. bought a new position in shares of Rackspace Technology during the 3rd quarter worth approximately $443,000. Finally, Jane Street Group LLC boosted its holdings in shares of Rackspace Technology by 27.4% during the 3rd quarter. Jane Street Group LLC now owns 773,454 shares of the company's stock worth $1,895,000 after buying an additional 166,528 shares in the last quarter. Institutional investors and hedge funds own 82.48% of the company's stock.

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.