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

Rackspace Technology, Inc. (NASDAQ:RXT) has been given a consensus rating of “Hold” by the six research firms that are covering the company, Marketbeat.com reports. One 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 12 month price objective among analysts that have issued a report on the stock in the last year is $2.34.

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

Insider Buying and Selling at Rackspace Technology

In other Rackspace Technology news, CEO Amar Maletira sold 84,823 shares of Rackspace Technology stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $2.42, for a total transaction of $205,271.66. Following the transaction, the chief executive officer now owns 5,158,399 shares of the company’s stock, valued at $12,483,325.58. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 227,321 shares of company stock valued at $542,103 in the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rackspace Technology

Several large investors have recently made changes to their positions in RXT. Creative Planning acquired a new stake in Rackspace Technology in the 3rd quarter worth approximately $29,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Rackspace Technology during the first quarter worth approximately $35,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Rackspace Technology during the second quarter worth approximately $40,000. US Bancorp DE lifted its holdings in shares of Rackspace Technology by 10,766.2% during the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock worth $40,000 after buying an additional 16,257 shares during the last quarter. Finally, 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 buying an additional 16,484 shares during the last quarter. Institutional investors own 82.48% of the company’s stock.

Rackspace Technology Trading Up 6.7 %

Shares of Rackspace Technology stock opened at $2.56 on Wednesday. The company’s 50-day moving average price is $2.46 and its two-hundred day moving average price is $2.33. Rackspace Technology has a 52 week low of $1.22 and a 52 week high of $3.18. The stock has a market cap of $578.64 million, a PE ratio of -0.69 and a beta of 1.97.

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

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.