Rackspace Technology, Inc. (NASDAQ:RXT – Get Free Report) has received an average recommendation of “Reduce” from the seven brokerages that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $2.02.
Separately, UBS Group upped their target price on Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a research report on Friday.
Rackspace Technology Trading Up 6.8 %
Insider Activity at Rackspace Technology
In related news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $2.36, for a total transaction of $352,227.64. Following the completion of the sale, the executive vice president now directly owns 2,466,593 shares of the company’s stock, valued at $5,821,159.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.00% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Rackspace Technology
Several institutional investors and hedge funds have recently bought and sold shares of RXT. Charles Schwab Investment Management Inc. boosted its holdings in shares of Rackspace Technology by 35.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,535,746 shares of the company’s stock worth $5,071,000 after acquiring an additional 667,329 shares during the period. GSA Capital Partners LLP bought a new position in shares of Rackspace Technology in the first quarter worth $531,000. CastleKnight Management LP bought a new stake in Rackspace Technology during the fourth quarter valued at $1,201,000. Dynamic Technology Lab Private Ltd bought a new stake in Rackspace Technology during the fourth quarter valued at $102,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Rackspace Technology during the first quarter valued at $35,000. 82.48% of the stock is owned by institutional investors.
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.
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