Rackspace Technology (NASDAQ:RXT – Get Rating) had its price target reduced by equities research analysts at Barclays from $5.00 to $4.00 in a report released on Monday, The Fly reports. Barclays‘s price target would suggest a potential downside of 1.96% from the company’s current price.
Other research analysts have also recently issued reports about the stock. Evercore ISI reduced their price objective on shares of Rackspace Technology to $9.00 in a report on Monday, August 15th. Royal Bank of Canada cut shares of Rackspace Technology from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from $9.00 to $7.00 in a report on Thursday, August 11th. JPMorgan Chase & Co. cut shares of Rackspace Technology from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $7.00 to $5.00 in a report on Tuesday, August 16th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Rackspace Technology from $9.00 to $6.00 and set a “hold” rating on the stock in a research note on Wednesday, August 10th. Finally, Credit Suisse Group dropped their target price on shares of Rackspace Technology from $12.00 to $10.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 10th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Rackspace Technology has a consensus rating of “Hold” and a consensus target price of $9.10.
Rackspace Technology Trading Down 6.4 %
RXT opened at $4.08 on Monday. Rackspace Technology has a 1-year low of $4.07 and a 1-year high of $18.50. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 2.83. The company has a market cap of $859.18 million, a P/E ratio of -4.39, a price-to-earnings-growth ratio of 0.74 and a beta of 0.96. The company has a fifty day moving average price of $5.51 and a two-hundred day moving average price of $7.68.
Rackspace Technology (NASDAQ:RXT – Get Rating) last posted its quarterly earnings results on Tuesday, August 9th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.01. Rackspace Technology had a negative net margin of 6.37% and a positive return on equity of 14.07%. The firm had revenue of $772.20 million during the quarter, compared to the consensus estimate of $784.72 million. During the same period in the previous year, the firm posted $0.17 earnings per share. The business’s revenue was up 3.8% compared to the same quarter last year. Analysts predict that Rackspace Technology will post 0.55 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in the stock. Leeward Investments LLC MA bought a new position in shares of Rackspace Technology in the 1st quarter worth about $29,433,000. Vanguard Group Inc. increased its stake in Rackspace Technology by 54.2% during the 1st quarter. Vanguard Group Inc. now owns 5,291,508 shares of the company’s stock valued at $59,054,000 after purchasing an additional 1,860,141 shares in the last quarter. Mackenzie Financial Corp increased its stake in Rackspace Technology by 16.4% during the 4th quarter. Mackenzie Financial Corp now owns 7,131,436 shares of the company’s stock valued at $96,060,000 after purchasing an additional 1,007,205 shares in the last quarter. Dimensional Fund Advisors LP bought a new stake in Rackspace Technology during the 1st quarter valued at about $6,148,000. Finally, First Trust Advisors LP increased its stake in Rackspace Technology by 3.0% during the 1st quarter. First Trust Advisors LP now owns 17,086,436 shares of the company’s stock valued at $190,685,000 after purchasing an additional 498,198 shares in the last quarter. 88.15% of the stock is currently owned by institutional investors.
Rackspace Technology Company Profile
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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