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.
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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