Shares of Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) have been assigned an average recommendation of "Reduce" from the five ratings firms that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $1.5750.
A number of analysts have issued reports on RXT shares. UBS Group lowered their target price on Rackspace Technology from $2.95 to $1.90 and set a "neutral" rating on the stock in a report on Friday, May 9th. Barclays decreased their price objective on Rackspace Technology from $2.00 to $1.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Wall Street Zen lowered Rackspace Technology from a "hold" rating to a "sell" rating in a report on Saturday. 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. Finally, Royal Bank Of Canada decreased their price objective on Rackspace Technology from $3.00 to $2.00 and set a "sector perform" rating on the stock in a report on Monday, May 12th.
View Our Latest Stock Report on RXT
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cerity Partners LLC acquired a new position in shares of Rackspace Technology in the first quarter valued at approximately $26,000. Balyasny Asset Management L.P. bought a new stake in Rackspace Technology during the fourth quarter worth $36,000. MetLife Investment Management LLC lifted its stake in Rackspace Technology by 89.4% during the fourth quarter. MetLife Investment Management LLC now owns 17,539 shares of the company's stock worth $39,000 after purchasing an additional 8,281 shares during the last quarter. ProShare Advisors LLC lifted its stake in Rackspace Technology by 50.6% during the fourth quarter. ProShare Advisors LLC now owns 19,030 shares of the company's stock worth $42,000 after purchasing an additional 6,398 shares during the last quarter. Finally, Aquatic Capital Management LLC acquired a new stake in shares of Rackspace Technology during the 4th quarter valued at $45,000. 82.48% of the stock is owned by institutional investors and hedge funds.
Rackspace Technology Stock Performance
Shares of NASDAQ RXT traded down $0.07 during mid-day trading on Tuesday, reaching $1.15. 414,418 shares of the company traded hands, compared to its average volume of 951,683. The stock has a market cap of $271.81 million, a PE ratio of -0.71 and a beta of 2.06. The company's fifty day moving average is $1.31 and its two-hundred day moving average is $1.66. Rackspace Technology has a fifty-two week low of $1.00 and a fifty-two week high of $3.41.
Rackspace Technology (NASDAQ:RXT - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.06) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.01). The firm had revenue of $666.30 million during the quarter, compared to analyst estimates of $658.86 million. The business's revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.08) earnings per share.
About Rackspace Technology
(
Get Free Report)
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.
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