Rackspace Technology (NASDAQ:RXT) Upgraded at Wall Street Zen

by · The Cerbat Gem

Wall Street Zen upgraded shares of Rackspace Technology (NASDAQ:RXT – Free Report) from a sell rating to a hold rating in a research report sent to investors on Friday morning.

Other equities analysts have also issued research reports about the stock. Raymond James Financial reiterated a “market perform” rating on shares of Rackspace Technology in a report on Monday, June 2nd. UBS Group decreased their price target on shares of Rackspace Technology from $2.95 to $1.90 and set a “neutral” rating for the company in a research note on Friday, May 9th. Barclays decreased their target price on shares of Rackspace Technology from $2.00 to $1.00 and set an “underweight” rating for the company in a research report on Friday, April 25th. Finally, Royal Bank Of Canada dropped their price target on shares of Rackspace Technology from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Monday, May 12th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $1.63.

Check Out Our Latest Stock Report on RXT

Rackspace Technology Stock Performance

NASDAQ:RXT opened at $1.30 on Friday. The firm’s fifty day moving average is $1.26 and its 200-day moving average is $1.88. Rackspace Technology has a 52 week low of $1.00 and a 52 week high of $3.41. The firm has a market cap of $308.61 million, a P/E ratio of -1.02 and a beta of 2.04.

Rackspace Technology (NASDAQ:RXT – Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The business had revenue of $665.40 million for the quarter, compared to analyst estimates of $657.98 million. During the same quarter in the previous year, the business posted ($0.11) earnings per share. The business’s revenue was down 3.7% on a year-over-year basis.

Institutional Investors Weigh In On Rackspace Technology

A number of hedge funds have recently made changes to their positions in RXT. Strs Ohio purchased a new stake in shares of Rackspace Technology during the 1st quarter worth approximately $323,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Rackspace Technology during the 1st quarter worth $113,000. Jacobs Levy Equity Management Inc. increased its stake in shares of Rackspace Technology by 42.4% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,255,023 shares of the company’s stock worth $2,121,000 after purchasing an additional 373,875 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Rackspace Technology by 228.6% in the 1st quarter. AQR Capital Management LLC now owns 264,565 shares of the company’s stock worth $447,000 after buying an additional 184,058 shares during the period. Finally, State of Wyoming purchased a new position in Rackspace Technology in the 1st quarter valued at approximately $200,000. 82.48% of the stock is currently owned by institutional investors.

Rackspace Technology Company Profile

(Get Free Report)

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.

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