Analysts Set Rackspace Technology, Inc. (NASDAQ:RXT) PT at $2.31

Rackspace Technology, Inc. (NASDAQ:RXT) has been given an average recommendation of “Hold” by the eight brokerages that are covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, four have given a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $2.31.

Several research firms have recently weighed in on RXT. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 price objective on shares of Rackspace Technology in a research report on Wednesday, March 13th. BMO Capital Markets upped their price target on Rackspace Technology from $1.50 to $2.50 and gave the stock a “market perform” rating in a research report on Wednesday, March 13th. Evercore ISI lowered their price objective on shares of Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating on the stock in a report on Wednesday, March 13th. Finally, Raymond James reduced their target price on shares of Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating for the company in a report on Wednesday, March 13th.

Insider Activity at Rackspace Technology

In other Rackspace Technology news, CEO Amar Maletira sold 37,446 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $1.92, for a total value of $71,896.32. Following the sale, the chief executive officer now owns 4,638,423 shares in the company, valued at $8,905,772.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RXT. Susquehanna Fundamental Investments LLC bought a new stake in shares of Rackspace Technology during the first quarter worth approximately $35,000. GSA Capital Partners LLP acquired a new position in Rackspace Technology in the 1st quarter valued at $531,000. CastleKnight Management LP bought a new position in Rackspace Technology during the 4th quarter worth $1,201,000. Aristides Capital LLC acquired a new stake in shares of Rackspace Technology during the fourth quarter worth $151,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of Rackspace Technology by 1,140.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 21,168 shares of the company’s stock valued at $42,000 after acquiring an additional 19,462 shares during the period. Institutional investors and hedge funds own 82.48% of the company’s stock.

Rackspace Technology Stock Up 5.4 %

Shares of RXT stock opened at $1.96 on Tuesday. Rackspace Technology has a 12-month low of $1.05 and a 12-month high of $3.10. The firm has a fifty day moving average of $1.73 and a 200-day moving average of $1.67. The firm has a market capitalization of $438.31 million, a price-to-earnings ratio of -0.50 and a beta of 1.83.

Rackspace Technology (NASDAQ:RXT) last posted its earnings results on Tuesday, March 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $720.00 million during the quarter, compared to analysts’ expectations of $714.74 million. Rackspace Technology had a negative return on equity of 10.18% and a negative net margin of 28.33%. Rackspace Technology’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.06 EPS. Research analysts expect that Rackspace Technology will post -0.38 earnings per share for the current year.

About Rackspace Technology

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.