Rackspace Technologies Inc. (NASDAQ: RXT – Get Rating ) has received a consensus rating of “Hold” from the 11 rating firms covering the stock, according to Marketbeat Ratings. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. The twelve-month average price target of brokers covering the stock in the last year is $5.75.
Many analysts have weighed in on the company. Credit Suisse Group upped their price target on Rackspace Technology from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Thursday, November 17th. Royal Bank of Canada downgraded shares of Rackspace Technology from an “outperform” rating to a “sector perform” rating and lowered their price target for the company from $9.00 to $7.00 in a research report on Thursday, August 11th. BMO Capital Markets cut their price target on Rackspace Technology from $10.50 to $7.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 10th. Citigroup cut their price target on Rackspace Technology from $7.00 to $5.00 in a report on Monday, November 21st. Finally, Barclays lowered their price target on Rackspace Technology from $5.00 to $4.00 and set an “underweight” rating on the stock in a report on Monday, October 3rd.
Rackspace Technology Stock Performance
Nasdaq RXT stock opened Friday at $4.85. The company has a quick ratio of 1.25, a current ratio of 1.25, and a debt-to-equity ratio of 4.48. The market cap is $1.02 billion, with a P/E ratio of -1.52, a PEG ratio of 0.92, and a beta of 1.16. The stock has a 50-day simple moving average of $4.67 and a 200-day simple moving average of $5.93. Rackspace Technology had a 52-week low of $3.70 and a 52-week high of $14.38.
Insider Trading at Rackspace Technology
In other Rackspace Technology news, Director Shashank Samant purchased 100,000 shares in a transaction that occurred on Tuesday, November 29th. The stock was purchased at an average cost of $4.55 per share for a total value of $455,000.00. Following the transaction, the directors now directly own 138,574 shares of the company, worth approximately $630,511.70. The transaction has been disclosed in a legal filing with the U.S. Securities and Exchange Commission, available at this hyperlink. Company insiders own 2.10% of the company.
Hedge Funds Get Involved in Rackspace Technology
Some large investors have recently increased or decreased their stakes in RXT. Ensign Peak Advisors Inc purchased a new stake in Rackspace Technology for $31,000 in the third quarter. Point72 Hong Kong Ltd increased its stake in Rackspace Technology by 144.4% in the second quarter. Point72 Hong Kong Ltd now owns 4,831 shares of the company worth $35,000 after acquiring an additional 2,854 shares during the period. PNC Financial Services Group Inc. increased its stake in Rackspace Technology by 693.1 percent in the first quarter. PNC Financial Services Group now owns 3,347 shares of the company, worth $37,000, after purchasing an additional 2,925 shares during the period. Sanders Morris Harris LLC purchased a new stake in Rackspace Technology in the third quarter, valued at approximately $41,000. Finally, Csenge Advisory Group purchased a new stake in Rackspace Technology in the third quarter, valued at approximately $49,000. Hedge funds and other institutional investors own 88.15% of the company.
About Rackspace Technologies
Rackspace Technology, Inc operates as a global multi-cloud technology services company. It operates through the Multicloud Services and Apps & Cross Platform segments. The company’s Multicloud Services segment provides public and private cloud managed services that enable customers to identify, manage and optimize suitable infrastructure, platforms and services; professional services related to designing and building multicloud solutions and cloud-native applications.
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