Rackspace Technology, Inc. (NASDAQ:RXT) Given Consensus Recommendation of “Hold” by Brokerages
Rackspace Technology, Inc. (NASDAQ:RXT - Get Rating) has received a consensus rating of "Hold" from the eleven ratings firms that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $5.75.
A number of analysts have weighed in on the company. Credit Suisse Group boosted 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 lowered Rackspace Technology from an "outperform" rating to a "sector perform" rating and lowered their price objective for the company from $9.00 to $7.00 in a research note on Thursday, August 11th. BMO Capital Markets lowered their price objective 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 reduced their target price on Rackspace Technology from $7.00 to $5.00 in a report on Monday, November 21st. Finally, Barclays reduced their price objective 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
Shares of NASDAQ RXT opened at $4.85 on Friday. 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 stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -1.52, a PEG ratio of 0.92 and a beta of 1.16. The stock's fifty day simple moving average is $4.67 and its 200 day simple moving average is $5.93. Rackspace Technology has a 52-week low of $3.70 and a 52-week high of $14.38.
Insider Transactions at Rackspace Technology
In other Rackspace Technology news, Director Shashank Samant purchased 100,000 shares of the stock in a transaction that occurred on Tuesday, November 29th. The stock was bought at an average cost of $4.55 per share, with a total value of $455,000.00. Following the transaction, the director now directly owns 138,574 shares in the company, valued at approximately $630,511.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.10% of the company's stock.
Hedge Funds Weigh In On Rackspace Technology
Several large investors have recently added to or reduced their stakes in RXT. Ensign Peak Advisors Inc bought a new stake in Rackspace Technology in the third quarter worth $31,000. Point72 Hong Kong Ltd lifted its stake in Rackspace Technology by 144.4% in the second quarter. Point72 Hong Kong Ltd now owns 4,831 shares of the company's stock worth $35,000 after acquiring an additional 2,854 shares during the period. PNC Financial Services Group Inc. lifted its stake in Rackspace Technology by 693.1% in the first quarter. PNC Financial Services Group Inc. now owns 3,347 shares of the company's stock worth $37,000 after acquiring an additional 2,925 shares during the period. Sanders Morris Harris LLC purchased a new stake in Rackspace Technology in the third quarter worth about $41,000. Finally, Csenge Advisory Group purchased a new stake in shares of Rackspace Technology during the third quarter valued at about $49,000. Hedge funds and other institutional investors own 88.15% of the company's stock.
About Rackspace Technology
Rackspace Technology, Inc operates as a multi cloud technology services company worldwide. It operates through Multicloud Services and Apps & Cross Platform segments. The company's Multicloud Services segment provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; and professional services related to designing and building multi cloud solutions and cloud-native applications.
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