Analysts Set Rackspace Technology, Inc. (NASDAQ:RXT) PT at $1.51

Shares of Rackspace Technology, Inc. (NASDAQ:RXT) have been assigned an average recommendation of “Reduce” from the six analysts that are presently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $1.5125.

Several brokerages recently weighed in on RXT. Weiss Ratings reissued a “sell (d-)” rating on shares of Rackspace Technology in a report on Thursday, January 22nd. Royal Bank Of Canada decreased their target price on Rackspace Technology from $2.00 to $1.75 and set a “sector perform” rating for the company in a research report on Monday, November 10th.

Insiders Place Their Bets

In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 59,322 shares of the stock in a transaction on Monday, December 1st. The shares were sold at an average price of $1.01, for a total transaction of $59,915.22. Following the sale, the executive vice president directly owned 2,509,573 shares of the company’s stock, valued at approximately $2,534,668.73. This represents a 2.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rackspace Technology

Several large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its holdings in shares of Rackspace Technology by 1.8% during the third quarter. JPMorgan Chase & Co. now owns 1,464,389 shares of the company’s stock valued at $2,065,000 after acquiring an additional 26,510 shares during the period. Verition Fund Management LLC acquired a new stake in shares of Rackspace Technology in the 3rd quarter worth about $151,000. Bank of America Corp DE lifted its position in Rackspace Technology by 31.3% in the 3rd quarter. Bank of America Corp DE now owns 344,185 shares of the company’s stock valued at $485,000 after purchasing an additional 82,011 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Rackspace Technology by 4.0% during the 3rd quarter. Alliancebernstein L.P. now owns 290,750 shares of the company’s stock valued at $410,000 after purchasing an additional 11,300 shares during the period. Finally, Two Sigma Investments LP grew its position in Rackspace Technology by 368.4% in the 3rd quarter. Two Sigma Investments LP now owns 673,689 shares of the company’s stock worth $950,000 after purchasing an additional 529,862 shares during the last quarter. 82.48% of the stock is owned by institutional investors and hedge funds.

Rackspace Technology Trading Down 5.4%

Shares of NASDAQ:RXT opened at $0.45 on Tuesday. The firm has a market cap of $109.64 million, a PE ratio of -0.42 and a beta of 2.18. The company has a fifty day simple moving average of $0.93 and a 200 day simple moving average of $1.20. Rackspace Technology has a 12-month low of $0.41 and a 12-month high of $3.03.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). The company had revenue of $671.20 million for the quarter, compared to the consensus estimate of $666.83 million. The company’s revenue was down .7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.04) earnings per share.

Rackspace Technology Company Profile

Rackspace Technology (NASDAQ: RXT) is a leading provider of managed multi-cloud solutions and services, specializing in the deployment, management and optimization of public and private cloud environments. The company helps organizations design and operate applications across platforms such as Amazon Web Services (AWS), Microsoft Azure, Google Cloud and its own private cloud infrastructure. Rackspace’s core offerings include cloud migration, application modernization, data protection, security services and 24x7x365 operational support.

Beyond cloud hosting, Rackspace offers a range of professional services designed to accelerate digital transformation initiatives.