Analysts Set Rackspace Technology, Inc. (NASDAQ:RXT) Target Price at $2.47

Rackspace Technology, Inc. (NASDAQ:RXT) has been assigned a consensus recommendation of “Hold” from the six ratings firms that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $2.47.

Separately, Barclays boosted their price target on Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a report on Monday, November 18th.

Rackspace Technology Stock Up 3.3 %

RXT stock opened at $2.47 on Monday. Rackspace Technology has a twelve month low of $1.45 and a twelve month high of $3.41. The firm has a market cap of $562.10 million, a price-to-earnings ratio of -0.71 and a beta of 2.02. The business’s fifty day simple moving average is $2.44 and its two-hundred day simple moving average is $2.45.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.03. The company had revenue of $675.80 million during the quarter, compared to the consensus estimate of $675.14 million. During the same quarter in the previous year, the company posted ($0.04) earnings per share. The company’s revenue for the quarter was down 7.7% on a year-over-year basis. Research analysts expect that Rackspace Technology will post -0.27 EPS for the current year.

Insider Buying and Selling

In other news, CEO Amar Maletira sold 55,461 shares of Rackspace Technology stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $2.54, for a total value of $140,870.94. Following the transaction, the chief executive officer now owns 4,928,523 shares of the company’s stock, valued at $12,518,448.42. The trade was a 1.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Dharmendra Kumar Sinha sold 88,548 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $2.67, for a total transaction of $236,423.16. Following the sale, the executive vice president now directly owns 2,334,166 shares of the company’s stock, valued at $6,232,223.22. The trade was a 3.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 194,864 shares of company stock valued at $508,997 over the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RXT. Creative Planning acquired a new position in Rackspace Technology during the 3rd quarter valued at approximately $29,000. US Bancorp DE increased its position in shares of Rackspace Technology by 10,766.2% in the 3rd quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after acquiring an additional 16,257 shares during the period. Intech Investment Management LLC purchased a new position in Rackspace Technology in the 3rd quarter worth $50,000. The Manufacturers Life Insurance Company lifted its position in Rackspace Technology by 44.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock worth $89,000 after acquiring an additional 9,275 shares during the period. Finally, FMR LLC grew its stake in Rackspace Technology by 437.5% during the 3rd quarter. FMR LLC now owns 31,154 shares of the company’s stock valued at $76,000 after purchasing an additional 25,358 shares during the last quarter. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

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.