Rackspace Technology, Inc. (NASDAQ:RXT) Given Consensus Rating of “Reduce” by Analysts

Rackspace Technology, Inc. (NASDAQ:RXT) has been given an average rating of “Reduce” by the seven ratings firms that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, four have given a hold recommendation and one has given a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $2.15.

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

Rackspace Technology Trading Down 2.0 %

Shares of NASDAQ RXT opened at $2.46 on Tuesday. Rackspace Technology has a 1 year low of $1.15 and a 1 year high of $3.18. The firm’s 50-day moving average is $2.36 and its 200-day moving average is $2.13. The firm has a market capitalization of $556.03 million, a PE ratio of -0.62 and a beta of 1.97.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings data 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 business had revenue of $684.90 million during the quarter, compared to the consensus estimate of $669.10 million. As a group, equities research analysts anticipate that Rackspace Technology will post -0.32 earnings per share for the current fiscal year.

Insider Transactions at Rackspace Technology

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

Institutional Investors Weigh In On Rackspace Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in RXT. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Rackspace Technology in the 1st quarter valued at approximately $35,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Rackspace Technology during the 2nd quarter worth about $40,000. Mitsubishi UFJ Trust & Banking Corp raised its holdings in shares of Rackspace Technology by 98.2% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock valued at $51,000 after purchasing an additional 16,484 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Rackspace Technology by 44.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock valued at $89,000 after purchasing an additional 9,275 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in Rackspace Technology during the fourth quarter worth about $102,000. 82.48% of the stock is owned by institutional investors.

Rackspace Technology Company Profile

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.