Rackspace Technology, Inc. (NASDAQ:RXT) Given Consensus Recommendation of “Hold” by Brokerages

Rackspace Technology, Inc. (NASDAQ:RXTGet Rating) has received an average recommendation of “Hold” from the eleven analysts that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and four have given a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $15.28.

A number of equities analysts have issued reports on RXT shares. Zacks Investment Research cut shares of Rackspace Technology from a “hold” rating to a “sell” rating in a research note on Wednesday, April 13th. Deutsche Bank Aktiengesellschaft cut shares of Rackspace Technology from a “buy” rating to a “hold” rating and reduced their price objective for the company from $21.00 to $9.00 in a research note on Wednesday, February 23rd. Oppenheimer cut shares of Rackspace Technology from an “outperform” rating to a “market perform” rating in a research note on Friday, April 8th. Credit Suisse Group reduced their price objective on shares of Rackspace Technology from $25.00 to $19.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 23rd. Finally, Raymond James raised shares of Rackspace Technology from a “market perform” rating to an “outperform” rating and set a $12.00 price objective on the stock in a research note on Wednesday, May 11th.

Shares of Rackspace Technology stock opened at $9.53 on Wednesday. Rackspace Technology has a 1-year low of $7.28 and a 1-year high of $21.50. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 2.75. The firm’s 50-day moving average price is $10.34 and its two-hundred day moving average price is $12.18. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of -10.36, a P/E/G ratio of 1.28 and a beta of 0.80.

Rackspace Technology (NASDAQ:RXTGet Rating) last released its quarterly earnings results on Tuesday, May 10th. The company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.21 by $0.01. Rackspace Technology had a negative net margin of 6.30% and a positive return on equity of 14.99%. The business had revenue of $775.50 million for the quarter, compared to analysts’ expectations of $774.45 million. During the same period in the prior year, the firm earned $0.23 earnings per share. Rackspace Technology’s revenue was up 6.8% compared to the same quarter last year. As a group, equities research analysts predict that Rackspace Technology will post 0.75 EPS for the current year.

Large investors have recently modified their holdings of the stock. Allianz Asset Management GmbH acquired a new stake in shares of Rackspace Technology during the third quarter worth $1,181,000. Man Group plc grew its position in Rackspace Technology by 8.9% in the third quarter. Man Group plc now owns 24,520 shares of the company’s stock valued at $349,000 after purchasing an additional 2,005 shares in the last quarter. Verition Fund Management LLC grew its position in Rackspace Technology by 19.4% in the third quarter. Verition Fund Management LLC now owns 18,939 shares of the company’s stock valued at $269,000 after purchasing an additional 3,071 shares in the last quarter. Cim Investment Management Inc. grew its position in Rackspace Technology by 94.3% in the third quarter. Cim Investment Management Inc. now owns 22,537 shares of the company’s stock valued at $320,000 after purchasing an additional 10,936 shares in the last quarter. Finally, Alberta Investment Management Corp bought a new position in Rackspace Technology in the third quarter valued at $5,546,000. Institutional investors and hedge funds own 95.90% of the company’s stock.

About Rackspace Technology (Get Rating)

Rackspace Technology, Inc operates as a multi cloud technology services company worldwide. It operates through Multicloud Services and Apps & Cross Platform segments. The company's Multicloud Services segment provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; and professional services related to designing and building multi cloud solutions and cloud-native applications.

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Analyst Recommendations for Rackspace Technology (NASDAQ:RXT)

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