Rackspace Technology (NASDAQ:RXT) Shares Gap Up to $8.94

Rackspace Technology, Inc. (NASDAQ:RXTGet 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.

Rackspace Technology (NASDAQ:RXTGet Rating) last posted its earnings results on Tuesday, May 10th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.21 by $0.01. Rackspace Technology had a negative net margin of 6.30% and a positive return on equity of 14.99%. The firm had revenue of $775.50 million for the quarter, compared to the consensus estimate of $774.45 million. During the same period in the prior year, the business posted $0.23 earnings per share. The business’s quarterly revenue was up 6.8% on a year-over-year basis. As a group, equities research analysts expect that Rackspace Technology, Inc. will post 0.75 earnings per share for the current fiscal year.

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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