Rackspace Technology, Inc. (NASDAQ:RXT) Receives $1.58 Average Price Target from Brokerages

Rackspace Technology, Inc. (NASDAQ:RXT) has been given an average recommendation of “Reduce” by the five research firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $1.5750.

RXT has been the topic of a number of recent analyst reports. BMO Capital Markets decreased their price objective on Rackspace Technology from $1.75 to $1.40 and set a “market perform” rating on the stock in a report on Tuesday. Barclays reduced their price objective on shares of Rackspace Technology from $2.00 to $1.00 and set an “underweight” rating for the company in a research report on Friday, April 25th. UBS Group dropped their price objective on shares of Rackspace Technology from $2.95 to $1.90 and set a “neutral” rating for the company in a research note on Friday, May 9th. Royal Bank Of Canada reduced their target price on shares of Rackspace Technology from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Monday, May 12th. Finally, Wall Street Zen downgraded shares of Rackspace Technology from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th.

Rackspace Technology Price Performance

Shares of RXT stock opened at $1.21 on Tuesday. The firm has a market capitalization of $289.63 million, a price-to-earnings ratio of -0.75 and a beta of 2.06. The business has a fifty day moving average of $1.31 and a 200 day moving average of $1.65. Rackspace Technology has a 1 year low of $1.00 and a 1 year high of $3.41.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The company had revenue of $666.30 million during the quarter, compared to analysts’ expectations of $658.86 million. During the same period in the previous year, the company posted ($0.08) EPS. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year.

Institutional Trading of Rackspace Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cerity Partners LLC purchased a new stake in shares of Rackspace Technology during the first quarter valued at approximately $26,000. Quadrature Capital Ltd purchased a new position in Rackspace Technology in the second quarter worth about $26,000. Creative Planning lifted its position in shares of Rackspace Technology by 114.2% during the 2nd quarter. Creative Planning now owns 25,715 shares of the company’s stock valued at $33,000 after buying an additional 13,708 shares in the last quarter. Balyasny Asset Management L.P. purchased a new position in shares of Rackspace Technology during the 4th quarter valued at about $36,000. Finally, MetLife Investment Management LLC raised its stake in Rackspace Technology by 89.4% during the 4th quarter. MetLife Investment Management LLC now owns 17,539 shares of the company’s stock valued at $39,000 after purchasing an additional 8,281 shares during the period. Institutional investors and hedge funds 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.