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

Shares of Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) have received a consensus rating of "Hold" from the six brokerages that are presently covering the stock, Marketbeat Ratings reports. One research analyst has 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 1 year target price among brokers that have issued ratings on the stock in the last year is $2.47.

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

Rackspace Technology Price Performance

RXT stock traded up $0.01 during trading on Friday, hitting $2.97. The stock had a trading volume of 616,986 shares, compared to its average volume of 869,265. Rackspace Technology has a twelve month low of $1.45 and a twelve month high of $3.41. The stock has a market capitalization of $674.75 million, a P/E ratio of -0.85 and a beta of 2.04. The company's 50-day moving average price is $2.44 and its two-hundred day moving average price is $2.44.

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

Insider Activity

In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 88,548 shares of the business's stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $2.67, for a total value of $236,423.16. Following the sale, the executive vice president now owns 2,334,166 shares of the company's stock, valued at $6,232,223.22. The trade was a 3.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Srini Koushik sold 19,470 shares of the business's stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $2.67, for a total value of $51,984.90. Following the completion of the sale, the chief technology officer now directly owns 1,026,279 shares in the company, valued at approximately $2,740,164.93. The trade was a 1.86 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 209,322 shares of company stock valued at $542,829. 2.00% of the stock is currently owned by company insiders.

Institutional Trading of Rackspace Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. raised its stake in shares of Rackspace Technology by 139.4% in the third quarter. Jacobs Levy Equity Management Inc. now owns 814,624 shares of the company's stock valued at $1,996,000 after acquiring an additional 474,299 shares in the last quarter. US Bancorp DE raised its stake in shares of Rackspace Technology by 10,766.2% in the third quarter. US Bancorp DE now owns 16,408 shares of the company's stock valued at $40,000 after acquiring an additional 16,257 shares in the last quarter. Jane Street Group LLC raised its stake in shares of Rackspace Technology by 27.4% in the third quarter. Jane Street Group LLC now owns 773,454 shares of the company's stock valued at $1,895,000 after acquiring an additional 166,528 shares in the last quarter. FMR LLC raised its stake in shares of Rackspace Technology by 437.5% in the third quarter. FMR LLC now owns 31,154 shares of the company's stock valued at $76,000 after acquiring an additional 25,358 shares in the last quarter. Finally, Barclays PLC raised its stake in shares of Rackspace Technology by 86.1% in the third quarter. Barclays PLC now owns 109,997 shares of the company's stock valued at $270,000 after acquiring an additional 50,896 shares in the last quarter. 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.