Rackspace Technology, Inc. (NASDAQ:RXT) Receives Average Rating of “Hold” from Brokerages

Rackspace Technology, Inc. (NASDAQ:RXT) has been given an average rating of “Hold” by the six brokerages that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $2.34.

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

Rackspace Technology Stock Performance

RXT stock opened at $2.53 on Wednesday. Rackspace Technology has a 1 year low of $1.17 and a 1 year high of $3.18. The firm has a market cap of $571.86 million, a P/E ratio of -0.68 and a beta of 1.98. The stock has a 50-day simple moving average of $2.46 and a 200-day simple moving average of $2.31.

Rackspace Technology (NASDAQ:RXT) last posted its earnings results on Thursday, August 8th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.03. The company had revenue of $684.90 million during the quarter, compared to analyst estimates of $669.10 million. On average, equities research analysts predict that Rackspace Technology will post -0.32 EPS for the current year.

Insider Buying and Selling at Rackspace Technology

In other Rackspace Technology news, CEO Amar Maletira sold 52,206 shares of the 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold a total of 227,321 shares of company stock worth $542,103 in the last 90 days. 2.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company lifted its holdings 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 buying an additional 9,275 shares during the last quarter. ClariVest Asset Management LLC lifted its holdings in shares of Rackspace Technology by 2.8% in the 2nd quarter. ClariVest Asset Management LLC now owns 379,721 shares of the company’s stock worth $1,132,000 after purchasing an additional 10,281 shares during the last quarter. Creative Planning bought a new stake in shares of Rackspace Technology in the 3rd quarter worth approximately $29,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Rackspace Technology in the 2nd quarter worth approximately $40,000. Finally, SG Americas Securities LLC lifted its holdings in shares of Rackspace Technology by 64.7% in the 3rd quarter. SG Americas Securities LLC now owns 34,467 shares of the company’s stock worth $84,000 after purchasing an additional 13,543 shares during the last quarter. Institutional investors 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.