Rackspace Technology, Inc. (NASDAQ: RXT – Get Rating) received a “Buy” consensus recommendation from the ten brokers who currently cover the firm, according to Marketbeat Ratings. Four equity research analysts rated the stock with a hold recommendation and four issued a buy recommendation on the company. The 12-month average price target among analysts who have hedged the stock over the past year is $ 15.28.
Several equity research analysts recently commented on RXT stocks. Barclays lowered the target price on Rackspace Technology from $ 17.00 to $ 10.00 in a research note Thursday, Feb.24. Deutsche Bank Aktiengesellschaft cut Rackspace Technology from a “buy” rating to a “hold” rating and lowered the target price for the company from $ 21.00 to $ 9.00 in a research note on Wednesday, Feb. 23. Credit Suisse Group lowered Rackspace Technology’s target price from $ 25.00 to $ 19.00 and set an “outperform” rating for the company in a research note on Wednesday, February 23. BMO Capital Markets cut Rackspace Technology from an “outperform” rating to a “market perform” rating and lowered the target price for the company from $ 18.00 to $ 10.50 in a research note on Wednesday, Feb. 23. Finally, the Royal Bank of Canada reduced its price target on Rackspace Technology from $ 24.00 to $ 18.00 and set an “outperforming” rating for the company in a research note on Wednesday, February 23.
Rackspace Technology stock opened at $ 7.62 on Friday. The company has a debt-to-equity ratio of 2.75, a current ratio of 1.23, and a quick ratio of 1.23. The company has a market capitalization of $ 1.61 billion, a PE ratio of -8.28, a price-earnings-growth ratio of 1.07, and a beta of 0.81. Rackspace Technology has a one-year low of $ 7.28 and a one-year high of $ 21.20. The company has a 50-day simple moving average of $ 9.58 and a 200-day simple moving average of $ 11.40.
Rackspace Technology (NASDAQ: RXT – Get Rating) last released its earnings results on Tuesday, May 10. The company posted EPS of $ 0.22 for the quarter, outperforming the consensus estimate of $ 0.21 by $ 0.01. The company reported revenue of $ 775.50 million during the quarter, compared with the consensus estimate of $ 774.45 million. Rackspace Technology had a positive return on equity of 14.99% and a negative net margin of 6.30%. Rackspace Technology’s revenues increased 6.8% year-on-year. During the same quarter last year, the company earned $ 0.23 EPS. Equity analysts expect Rackspace Technology to post 0.75 earnings per share for the current fiscal year.
A number of hedge funds have recently bought and sold shares of RXT. Newbridge Financial Services Group Inc. acquired a new position in Rackspace Technology during the fourth quarter for a value of approximately $ 27,000. PNC Financial Services Group Inc. increased its holdings in Rackspace Technology stock by 693.1% in the first quarter. PNC Financial Services Group Inc. now owns 3,347 shares in the company valued at $ 37,000 after purchasing an additional 2,925 shares in the last quarter. Macquarie Group Ltd. acquired a new equity interest in Rackspace Technology in the third quarter valued at approximately $ 52,000. Nisa Investment Advisors LLC increased its holdings in Rackspace Technology shares by 447.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,650 shares in the company worth $ 58,000 after purchasing an additional 3,800 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new equity interest in Rackspace Technology in the first quarter valued at approximately $ 79,000. Hedge funds and other institutional investors own 95.90% of the company’s shares.
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Rackspace Technology, Inc operates as a worldwide multi cloud technology services company. It operates through multi-cloud services and App and multi-platform segments. The company’s Multicloud Services segment provides managed services on public and private clouds that enable customers to determine, manage and optimize the right infrastructure, platforms and services; and professional services related to the design and implementation of multi cloud solutions and cloud native applications.
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