The price of Rackspace Technology Inc. (NASDAQ:RXT) shares last traded on Wall Street rose 13.07% to $2.46.
Based on available information, 9 analysts follow Rackspace Technology Inc. (NASDAQ:RXT). The consensus rating among analysts is ‘Hold’. As we calculate the median target price by taking the range between a high of $3.50 and a low of $1.00, we find $1.50. Given the previous closing price of $2.18, this indicates a potential downside of -31.19 percent. RXT stock price is now 50.83% away from the 50-day moving average and -15.41% away from the 200-day moving average. The market capitalization of the company currently stands at $468.89M.
Among analysts, 6 rate the stock a hold while 1 rate it a buy. Brokers who have rated the stock have averaged $1.96 as their price target over the next twelve months.
With the price target reduced from $9 to $5, Evercore ISI Downgraded its rating from Outperform to In-line for Rackspace Technology Inc. (NASDAQ: RXT).
In other news, Samant Shashank, Director bought 19,933 shares of the company’s stock on Nov 30. The stock was bought for $91,520 at an average price of $4.59. Upon completion of the transaction, the Director now directly owns 158,507 shares in the company, valued at $0.39 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Nov 29, Director Samant Shashank bought 100,000 shares of the business’s stock. A total of $454,620 was incurred on buying the stock at an average price of $4.55. This leaves the insider owning 138,574 shares of the company worth $0.34 million. Insiders disposed of 551,727 shares of company stock worth roughly $1.36 million over the past 1 year. A total of 4.40% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in RXT stock. A new stake in Rackspace Technology Inc. shares was purchased by JACOBS LEVY EQUITY MANAGEMENT, INC during the first quarter worth $1,509,000. SUSQUEHANNA INTERNATIONAL GROUP, LLP invested $740,000 in shares of RXT during the first quarter. In the first quarter, POINT72 ASSET MANAGEMENT, L.P. acquired a new stake in Rackspace Technology Inc. valued at approximately $528,000. CONNOR, CLARK & LUNN INVESTMENT MANAGEMENT LTD. acquired a new stake in RXT for approximately $301,000. THRIVENT FINANCIAL FOR LUTHERANS purchased a new stake in RXT valued at around $250,000 in the second quarter. In total, there are 199 active investors with 97.43% ownership of the company’s stock.
A candlestick chart of Rackspace Technology Inc. (NASDAQ: RXT) showed a price of $2.2000 on Friday morning. During the past 12 months, Rackspace Technology Inc. has had a low of $1.05 and a high of $7.42. As of last week, the company has a debt-to-equity ratio of 154.07, a current ratio of 1.20, and a quick ratio of 1.20. The fifty day moving average price for RXT is $1.6549 and a two-hundred day moving average price translates $2.8989 for the stock.
The latest earnings results from Rackspace Technology Inc. (NASDAQ: RXT) was released for Mar, 2023. According to the Software – Infrastructure Company, earnings per share came in at -$0.02, beating analysts’ expectations of -$0.03 by 0.01. This compares to -$0.18 EPS in the same period last year. The net profit margin was -44.40% and return on equity was -199.20% for RXT. The company reported revenue of $758.7 million for the quarter, compared to $775.5 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -2.17 percent. For the current quarter, analysts expect RXT to generate $730.44M in revenue.
Rackspace Technology Inc.(RXT) Company Profile
Rackspace Technology, Inc. operates as a multi cloud technology services company the Americas, Europe, the Middle East, Africa, and The Asia-Pacific region. It operates through two segments, Multicloud Services and Apps & Cross Platform. The 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. The Apps & Cross Platform segment includes managed applications; managed security services in the areas of security threat assessment and prevention, threat detection and response, rapid remediation, governance, and risk and compliance assistance across multiple cloud platforms, as well as privacy and data protection services, including detailed access restrictions and reporting; data services; and professional services related to designing and implementing application, security, and data services. Rackspace Technology, Inc. was founded in 1998 and is headquartered in San Antonio, Texas.
