Rackspace Technology, Inc. (NASDAQ:RXT) Given Average Recommendation of "Hold" by Brokerages

Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) has been given an average recommendation of "Hold" by the six analysts that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $2.47.

RXT has been the topic of a number of research reports. Barclays boosted their target price on shares of Rackspace Technology from $1.00 to $2.00 and gave the stock an "underweight" rating in a research note on Monday, November 18th. UBS Group upped their price target on shares of Rackspace Technology from $2.10 to $2.30 and gave the company a "neutral" rating in a research report on Friday, August 16th.

Rackspace Technology Price Performance

Shares of RXT traded up $0.20 during mid-day trading on Friday, hitting $2.58. 799,937 shares of the company's stock were exchanged, compared to its average volume of 1,077,040. Rackspace Technology has a 52 week low of $1.22 and a 52 week high of $3.41. The company has a 50-day simple moving average of $2.55 and a 200 day simple moving average of $2.41. The company has a market cap of $587.13 million, a PE ratio of -0.74 and a beta of 1.97.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.03. The company had revenue of $675.80 million for the quarter, compared to the consensus estimate of $675.14 million. The business's quarterly revenue was down 7.7% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.04) EPS. On average, analysts anticipate that Rackspace Technology will post -0.27 earnings per share for the current year.

Insider Transactions at Rackspace Technology

In other news, CEO Amar Maletira sold 82,552 shares of Rackspace Technology stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $2.37, for a total transaction of $195,648.24. Following the transaction, the chief executive officer now owns 4,983,984 shares in the company, valued at $11,812,042.08. This trade represents a 1.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Rackspace Technology

Several hedge funds have recently modified their holdings of the stock. Jacobs Levy Equity Management Inc. raised its holdings in shares of Rackspace Technology by 139.4% during 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 grew its stake in shares of Rackspace Technology by 23.7% in the 2nd quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company's stock worth $3,991,000 after buying an additional 256,900 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Rackspace Technology during the 3rd quarter valued at about $412,000. Jane Street Group LLC grew its position in Rackspace Technology by 27.4% in the third quarter. Jane Street Group LLC now owns 773,454 shares of the company's stock worth $1,895,000 after acquiring an additional 166,528 shares in the last quarter. Finally, Sargent Investment Group LLC raised its position in Rackspace Technology by 86.9% during the second quarter. Sargent Investment Group LLC now owns 215,100 shares of the company's stock valued at $641,000 after purchasing an additional 100,000 shares during the period. Hedge funds and other institutional investors own 82.48% of the company's stock.

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.