Rackspace Technology (NASDAQ:RXT) Sees Strong Trading Volume

Rackspace Technology, Inc. (NASDAQ:RXTGet Rating) shares saw strong trading volume on Monday . 37,327 shares were traded during mid-day trading, a decline of 96% from the previous session’s volume of 1,001,741 shares.The stock last traded at $5.96 and had previously closed at $5.32.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. William Blair cut shares of Rackspace Technology from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 10th. JPMorgan Chase & Co. cut shares of Rackspace Technology from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $7.00 to $5.00 in a research report on Tuesday, August 16th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Rackspace Technology from $9.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, August 10th. Raymond James cut shares of Rackspace Technology from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 10th. Finally, Royal Bank of Canada cut shares of Rackspace Technology from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $9.00 to $7.00 in a research report on Thursday, August 11th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Rackspace Technology currently has an average rating of “Hold” and an average target price of $9.20.

Rackspace Technology Price Performance

The company has a market cap of $1.22 billion, a PE ratio of -6.24, a price-to-earnings-growth ratio of 0.95 and a beta of 1.06. The business’s 50 day moving average price is $5.95 and its 200-day moving average price is $8.20. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 2.83.

Rackspace Technology (NASDAQ:RXTGet Rating) last posted its quarterly earnings data on Tuesday, August 9th. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. The company had revenue of $772.20 million for the quarter, compared to analyst estimates of $784.72 million. Rackspace Technology had a negative net margin of 6.37% and a positive return on equity of 14.07%. The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.17 earnings per share. As a group, analysts forecast that Rackspace Technology, Inc. will post 0.56 earnings per share for the current year.

Institutional Trading of Rackspace Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in RXT. Northern Trust Corp increased its stake in shares of Rackspace Technology by 2.1% in the fourth quarter. Northern Trust Corp now owns 553,076 shares of the company’s stock worth $7,451,000 after buying an additional 11,170 shares during the last quarter. ProShare Advisors LLC bought a new stake in shares of Rackspace Technology in the fourth quarter worth $245,000. JPMorgan Chase & Co. increased its stake in shares of Rackspace Technology by 27.8% in the fourth quarter. JPMorgan Chase & Co. now owns 458,489 shares of the company’s stock worth $6,176,000 after buying an additional 99,729 shares during the last quarter. Blair William & Co. IL increased its stake in shares of Rackspace Technology by 168.4% in the fourth quarter. Blair William & Co. IL now owns 38,250 shares of the company’s stock worth $515,000 after buying an additional 24,000 shares during the last quarter. Finally, IHT Wealth Management LLC increased its stake in shares of Rackspace Technology by 29.0% in the fourth quarter. IHT Wealth Management LLC now owns 93,699 shares of the company’s stock worth $1,262,000 after buying an additional 21,069 shares during the last quarter. Institutional investors own 88.15% of the company’s stock.

About Rackspace Technology

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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.

Further Reading

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