Rackspace Technology (NASDAQ:RXT) Sets New 12-Month High at $3.18

Shares of Rackspace Technology, Inc. (NASDAQ:RXT) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $3.18 and last traded at $3.13, with a volume of 117502 shares traded. The stock had previously closed at $3.00.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on RXT shares. Evercore ISI dropped their price target on Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating on the stock in a research note on Wednesday, March 13th. BMO Capital Markets raised their price target on shares of Rackspace Technology from $1.50 to $2.50 and gave the stock a “market perform” rating in a research report on Wednesday, March 13th. Raymond James dropped their price objective on shares of Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating on the stock in a report on Wednesday, March 13th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $3.00 target price on shares of Rackspace Technology in a research report on Wednesday, March 13th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $2.31.

Rackspace Technology Stock Performance

The stock’s 50 day simple moving average is $2.09 and its 200-day simple moving average is $1.89.

Rackspace Technology (NASDAQ:RXT) last released its earnings results on Wednesday, May 15th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. The company had revenue of $690.80 million for the quarter, compared to analyst estimates of $684.21 million. Rackspace Technology had a negative net margin of 29.99% and a negative return on equity of 10.18%. The firm’s quarterly revenue was down 8.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.02) EPS. As a group, sell-side analysts anticipate that Rackspace Technology, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity at Rackspace Technology

In other Rackspace Technology news, insider Kellie Teal-Guess sold 61,393 shares of Rackspace Technology stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $2.13, for a total transaction of $130,767.09. Following the completion of the sale, the insider now directly owns 909,775 shares of the company’s stock, valued at approximately $1,937,820.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.00% of the stock is currently owned by company insiders.

Institutional Trading of Rackspace Technology

Several institutional investors have recently modified their holdings of the stock. Fountainhead AM LLC purchased a new position in Rackspace Technology during the 4th quarter worth approximately $25,000. Raymond James & Associates acquired a new stake in Rackspace Technology during the 4th quarter worth $29,000. Tower Research Capital LLC TRC grew its position in Rackspace Technology by 1,140.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 21,168 shares of the company’s stock worth $42,000 after purchasing an additional 19,462 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Rackspace Technology in the first quarter valued at about $35,000. Finally, Acadian Asset Management LLC purchased a new stake in shares of Rackspace Technology in the third quarter valued at about $69,000. Hedge funds and other institutional investors own 82.48% of the company’s stock.

About Rackspace Technology

Rackspace Technology, Inc operates as a multi cloud technology services company in the Americas, Europe, the Middle East, Africa, and The Asia-Pacific region. It operates through three segments: Multicloud Services, Apps & Cross Platform, and OpenStack Public Cloud. The company provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; professional services related to designing and building multi cloud solutions and cloud-native applications; and managed hosting and colocation services.