Rackspace Technology, Inc. (NASDAQ:RXT – Get Rating)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $8.94, but opened at $9.25. Rackspace Technology shares last traded at $9.25, with a volume of 1,305 shares trading hands.
RXT has been the subject of a number of analyst reports. BMO Capital Markets cut shares of Rackspace Technology from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $18.00 to $10.50 in a research note on Wednesday, February 23rd. Zacks Investment Research raised shares of Rackspace Technology from a “sell” rating to a “hold” rating in a report on Friday. Oppenheimer cut shares of Rackspace Technology from an “outperform” rating to a “market perform” rating in a report on Friday, April 8th. Barclays decreased their price target on shares of Rackspace Technology from $17.00 to $10.00 in a research note on Thursday, February 24th. Finally, Royal Bank of Canada dropped their price objective on shares of Rackspace Technology from $24.00 to $18.00 and set an “outperform” rating for the company in a research note on Wednesday, February 23rd. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Rackspace Technology has a consensus rating of “Hold” and a consensus price target of $15.68.
The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 2.75. The company has a 50 day moving average of $10.15 and a 200 day moving average of $11.97. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of -9.72, a PEG ratio of 1.25 and a beta of 0.80.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Allianz Asset Management GmbH bought a new position in shares of Rackspace Technology during the third quarter valued at about $1,181,000. Man Group plc grew its holdings in shares of Rackspace Technology by 8.9% in the third quarter. Man Group plc now owns 24,520 shares of the company’s stock valued at $349,000 after purchasing an additional 2,005 shares in the last quarter. ProShare Advisors LLC bought a new stake in shares of Rackspace Technology in the fourth quarter valued at about $245,000. Verition Fund Management LLC grew its stake in shares of Rackspace Technology by 19.4% during the third quarter. Verition Fund Management LLC now owns 18,939 shares of the company’s stock worth $269,000 after acquiring an additional 3,071 shares during the last quarter. Finally, Cim Investment Management Inc. raised its stake in shares of Rackspace Technology by 94.3% during the 3rd quarter. Cim Investment Management Inc. now owns 22,537 shares of the company’s stock worth $320,000 after buying an additional 10,936 shares during the period. Institutional investors and hedge funds own 95.90% of the company’s stock.
Rackspace Technology Company Profile (NASDAQ:RXT)
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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