Shares of Rackspace Technology, Inc. (NASDAQ:RXT – Get Free Report ) hit a new 52-week high during trading on Friday. The company’s shares traded as high as $3.18 and most recently at $3.13 on trading volume of 117,502 shares. The stock’s previous closing price was $3.00.
Wall Street analysts predict growth
A number of stock analysts have commented on the company. Evercore ISI lowered their price target on Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating on the stock in a research note on Wednesday, March 13th. Royal Bank of Canada reaffirmed their “sector perform” rating on Rackspace Technology and issued a $3.00 price target in a research note on Wednesday, March 13th. Raymond James lowered their price target on Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 13th. Finally, BMO Capital Markets raised their price target on Rackspace Technology from $1.50 to $2.50 and gave the company a “market perform” rating in a research note on Wednesday, March 13th. Two analysts have rated the stock with a sell rating, four have rated it with a hold rating, and two have rated it with a buy rating. The stock has an average rating of “Hold” and an average target price of $2.31, according to MarketBeat data.
View the latest stock analysis for RXT
Rackspace Technology shares fell 0.7%
The company has a market capitalization of $667.07 million, a P/E ratio of -0.75 and a beta of 1.87. The company’s 50-day moving average is $2.12 and its 200-day moving average is $1.90.
Rackspace Technology (NASDAQ:RXT – get free report ) released its quarterly earnings report on Wednesday, May 15th. The company reported earnings per share of ($0.11) for the quarter, beating the consensus estimate of ($0.13) by $0.02. Rackspace Technology’s ROE was negative 10.18%, and net margin was negative 29.99%. The company’s revenue for the quarter was $690.8 million, beating analyst expectations of $684.21 million. Year-over-year earnings per share were ($0.02). The company’s revenue was down 8.9% year-over-year. Equity analysts expect Rackspace Technology, Inc. to post EPS of -0.38 for the current fiscal year.
Insiders bet
In other news, insider Kelly Teal Guess sold 61,393 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $2.13, for a total transaction value of $130,767.09. With this transaction the insider now directly owns 909,775 shares of the company’s stock, valued at $1,937,820.75. The sale was disclosed in a filing with the SEC, which can be viewed on the SEC’s website. The company insider owns 1.00% of the company’s stock.
Rackspace Technology Institutional Trading
Hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management increased its holdings in Rackspace Technology by 32.0% in the third quarter. Charles Schwab Investment Management now owns 1,868,417 shares of the company’s stock, valued at $4,391,000, after purchasing an additional 452,862 shares in the last quarter. Acadian Asset Management LLC purchased a new holding in Rackspace Technology in the third quarter for approximately $69,000. Aristia Capital LLC purchased a new holding in Rackspace Technology in the third quarter for approximately $111,000. SG Americas Securities LLC increased its holdings in Rackspace Technology by 86.4% in the fourth quarter. SG Americas Securities LLC now holds 52,694 shares of the company’s stock valued at $105,000 after purchasing an additional 24,431 shares in the last quarter. Finally, Raymond James & Associates purchased a new stake in Rackspace Technology in the fourth quarter worth about $29,000. Hedge funds and other institutional investors own 82.48% of the company’s stock.
About Rackspace Technology
(Get your free report)
Rackspace Technology, Inc is a multi-cloud technology services company operating in the Americas, Europe, the Middle East, Africa and Asia Pacific. It operates through three segments: Multi-Cloud Services, Apps & Cross Platform and OpenStack Public Cloud. The company offers public and private cloud managed services that enable customers to determine, manage and optimize the right infrastructure, platform 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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