Rackspace Technology (NASDAQ:RXT) Upgraded at Raymond James

Raymond James upgraded shares of Rackspace Technology (NASDAQ:RXT – Get Rating) from a market perform rating to an outperform rating in a research note released on Wednesday, The Fly reports. The brokerage currently has $12.00 price target on the stock.

Other equities research analysts also recently issued research reports about the stock. 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. Zacks Investment Research downgraded shares of Rackspace Technology from a hold rating to a sell rating in a research report on Wednesday, April 13th. Barclays reduced their price target on shares of Rackspace Technology from $17.00 to $10.00 in a research report on Thursday, February 24th. Deutsche Bank Aktiengesellschaft cut shares of Rackspace Technology from a buy rating to a hold rating and dropped their target price for the stock from $21.00 to $9.00 in a report on Wednesday, February 23rd. Finally, BMO Capital Markets cut shares of Rackspace Technology from an outperform rating to a market perform rating and dropped their target price for the stock from $18.00 to $10.50 in a report on Wednesday, February 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $15.68.

Shares of NASDAQ RXT opened at $9.54 on Wednesday. Rackspace Technology has a fifty-two week low of $7.28 and a fifty-two week high of $21.50. The company has a 50 day simple moving average of $10.38 and a two-hundred day simple moving average of $12.25. 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 announced its earnings results on Tuesday, May 10th. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $774.45 million. During the same quarter last year, the firm earned $0.23 earnings per share. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. Analysts predict that Rackspace Technology will post 0.75 earnings per share for the current fiscal year.

Several institutional investors have recently modified their holdings of RXT. Bank of America Corp DE boosted its stake in shares of Rackspace Technology by 156.0% during the 2nd quarter. Bank of America Corp DE now owns 38,476 shares of the company’s stock worth $755,000 after acquiring an additional 23,448 shares during the last quarter. Morgan Stanley raised its position in shares of Rackspace Technology by 22.8% during the 2nd quarter. Morgan Stanley now owns 802,091 shares of the company’s stock valued at $15,728,000 after purchasing an additional 148,800 shares during the period. SG Americas Securities LLC bought a new stake in shares of Rackspace Technology during the 3rd quarter valued at $321,000. BlackRock Inc. raised its position in shares of Rackspace Technology by 8.0% during the 3rd quarter. BlackRock Inc. now owns 3,471,804 shares of the company’s stock valued at $49,369,000 after purchasing an additional 257,208 shares during the period. Finally, Allianz Asset Management GmbH bought a new stake in shares of Rackspace Technology during the 3rd quarter valued at $1,181,000. 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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