Rackspace Technology (NASDAQ:RXT) PT Lowered to $13.00

Rackspace Technology (NASDAQ:RXT – Get Rating) had its price objective reduced by Citigroup from $16.00 to $13.00 in a research note published on Wednesday morning, The Fly reports.

A number of other brokerages have also recently weighed in on RXT. Deutsche Bank Aktiengesellschaft cut shares of Rackspace Technology from a buy rating to a hold rating and reduced their price target for the company from $21.00 to $9.00 in a research report on Wednesday, February 23rd. Credit Suisse Group reduced their price target on shares of Rackspace Technology from $25.00 to $19.00 and set an outperform rating for the company in a research report on Wednesday, February 23rd. Royal Bank of Canada reduced their price target on shares of Rackspace Technology from $24.00 to $18.00 and set an outperform rating for the company in a research report on Wednesday, February 23rd. Barclays reduced their price target on shares of Rackspace Technology from $17.00 to $10.00 in a research report on Thursday, February 24th. Finally, Oppenheimer lowered shares of Rackspace Technology from an outperform rating to a market perform rating in a research note on Friday, April 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Rackspace Technology presently has a consensus rating of Hold and a consensus target price of $15.68.

Rackspace Technology stock opened at $9.54 on Wednesday. The company has a fifty day simple moving average of $10.38 and a 200-day simple moving average of $12.25. Rackspace Technology has a 12-month low of $7.28 and a 12-month high of $21.50. The company has a quick ratio of 1.18, a current ratio of 1.23 and a debt-to-equity ratio of 2.75.

Rackspace Technology (NASDAQ:RXT – Get Rating) last released its quarterly earnings data on Tuesday, May 10th. The company reported $0.22 earnings per share (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 business had revenue of $775.50 million during the quarter, compared to analysts’ expectations of $774.45 million. During the same period in the previous year, the company earned $0.23 EPS. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, equities research analysts expect that Rackspace Technology will post 0.75 earnings per share for the current fiscal year.

Institutional investors have recently modified their holdings of the company. Newbridge Financial Services Group Inc. acquired a new position in Rackspace Technology during the fourth quarter worth about $27,000. PNC Financial Services Group Inc. grew its position in Rackspace Technology by 693.1% during the first quarter. PNC Financial Services Group Inc. now owns 3,347 shares of the company’s stock worth $37,000 after buying an additional 2,925 shares during the period. Macquarie Group Ltd. acquired a new position in Rackspace Technology during the third quarter worth about $52,000. Nisa Investment Advisors LLC grew its position in Rackspace Technology by 447.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,650 shares of the company’s stock worth $58,000 after buying an additional 3,800 shares during the period. Finally, CI Investments Inc. grew its position in Rackspace Technology by 36.4% during the first quarter. CI Investments Inc. now owns 7,500 shares of the company’s stock worth $84,000 after buying an additional 2,000 shares during the period. Institutional investors and hedge funds own 95.90% of the company’s stock.

Rackspace Technology Company Profile (Get Rating)

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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