Rackspace Technology, Inc. (NASDAQ:RXT – Get Rating) hit a new 52-week low during trading on Monday after Barclays lowered their price target on the stock from $5.00 to $4.00. The company traded as low as $4.02 and last traded at $4.12, with a volume of 8843 shares traded. The stock had previously closed at $4.08.
Several other analysts have also weighed in on RXT. Raymond James lowered Rackspace Technology from an "outperform" rating to a "market perform" rating in a research note on Wednesday, August 10th. Credit Suisse Group reduced their price objective on Rackspace Technology from $12.00 to $10.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 10th. William Blair lowered Rackspace Technology from an "outperform" rating to a "market perform" rating in a research note on Wednesday, August 10th. Royal Bank of Canada lowered Rackspace Technology from an "outperform" rating to a "sector perform" rating and reduced their price objective for the company from $9.00 to $7.00 in a research note on Thursday, August 11th. Finally, Evercore ISI reduced their price objective on Rackspace Technology to $9.00 in a research note on Monday, August 15th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $9.10.
Get Rackspace Technology alerts:Hedge Funds Weigh In On Rackspace Technology
Hedge funds and other institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. lifted its stake in shares of Rackspace Technology by 693.1% in the first quarter. PNC Financial Services Group Inc. now owns 3,347 shares of the company's stock worth $37,000 after acquiring an additional 2,925 shares during the period. Point72 Hong Kong Ltd increased its holdings in Rackspace Technology by 144.4% in the second quarter. Point72 Hong Kong Ltd now owns 4,831 shares of the company's stock worth $35,000 after purchasing an additional 2,854 shares in the last quarter. Quantbot Technologies LP bought a new stake in Rackspace Technology in the first quarter worth approximately $79,000. CI Investments Inc. increased its holdings in shares of Rackspace Technology by 36.4% during the first quarter. CI Investments Inc. now owns 7,500 shares of the company's stock valued at $84,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Amalgamated Bank bought a new stake in shares of Rackspace Technology during the first quarter valued at approximately $92,000. 88.15% of the stock is owned by institutional investors and hedge funds.
Rackspace Technology Stock Performance
The stock has a market cap of $854.97 million, a P/E ratio of -4.39, a P/E/G ratio of 0.74 and a beta of 0.96. The company has a fifty day moving average price of $5.51 and a 200 day moving average price of $7.68. The company has a debt-to-equity ratio of 2.83, a current ratio of 1.23 and a quick ratio of 1.23.Rackspace Technology (NASDAQ:RXT – Get Rating) last released its quarterly earnings data on Tuesday, August 9th. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.16 by $0.01. The firm had revenue of $772.20 million during the quarter, compared to the consensus estimate of $784.72 million. Rackspace Technology had a positive return on equity of 14.07% and a negative net margin of 6.37%. The company's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.17 earnings per share. On average, equities analysts expect that Rackspace Technology, Inc. will post 0.55 EPS for the current year.
Rackspace Technology Company Profile
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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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