Brokerages Set Rackspace Technology, Inc. (NASDAQ:RXT) Price Target at $2.15

Rackspace Technology, Inc. (NASDAQ:RXT) has been given a consensus rating of “Reduce” by the seven research firms that are presently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $2.15.

Separately, UBS Group lifted their price objective on Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a report on Friday, August 16th.

Rackspace Technology Stock Performance

NASDAQ RXT opened at $2.46 on Tuesday. The stock has a market cap of $556.03 million, a PE ratio of -0.62 and a beta of 1.97. The firm has a 50-day moving average of $2.36 and a 200-day moving average of $2.13. Rackspace Technology has a 52-week low of $1.15 and a 52-week high of $3.18.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.03. The firm had revenue of $684.90 million during the quarter, compared to analyst estimates of $669.10 million. As a group, analysts predict that Rackspace Technology will post -0.32 EPS for the current fiscal year.

Insider Activity at Rackspace Technology

In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $2.36, for a total transaction of $352,227.64. Following the completion of the transaction, the executive vice president now owns 2,466,593 shares of the company’s stock, valued at $5,821,159.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Dharmendra Kumar Sinha sold 149,249 shares of Rackspace Technology stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $2.36, for a total transaction of $352,227.64. Following the sale, the executive vice president now directly owns 2,466,593 shares of the company’s stock, valued at approximately $5,821,159.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Amar Maletira sold 52,206 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $2.35, for a total transaction of $122,684.10. Following the transaction, the chief executive officer now owns 5,347,434 shares of the company’s stock, valued at $12,566,469.90. The disclosure for this sale can be found here. Insiders have sold 209,195 shares of company stock valued at $493,410 over the last ninety days. 1.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rackspace Technology

Several hedge funds have recently modified their holdings of RXT. Allspring Global Investments Holdings LLC acquired a new stake in Rackspace Technology during the 2nd quarter worth approximately $40,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Rackspace Technology during the first quarter valued at $35,000. The Manufacturers Life Insurance Company raised its stake in shares of Rackspace Technology by 44.7% during the second quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock valued at $89,000 after acquiring an additional 9,275 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Rackspace Technology by 98.2% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock worth $51,000 after purchasing an additional 16,484 shares during the period. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Rackspace Technology in the fourth quarter valued at $102,000. Institutional investors and hedge funds own 82.48% of the company’s stock.

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.