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Zacks Investment Research downgraded shares of Rackspace Technology (NASDAQ:RXT – Get Rating) from a hold rating to a sell rating in a report issued on Wednesday morning, Zacks.com reports.
According to Zacks, “Rackspace Technology Inc. provides technology services which design, build and operate cloud environments. Rackspace Technology Inc. is based in SAN ANTONIO. “
RXT has been the topic of several other research reports. Citigroup reduced their price target on shares of Rackspace Technology from $20.00 to $16.00 and set a buy rating on the stock in a research report on Wednesday, February 23rd. Oppenheimer lowered shares of Rackspace Technology from an outperform rating to a market perform rating in a research note on Friday, April 8th. Barclays lowered their price objective on shares of Rackspace Technology from $17.00 to $10.00 in a research note on Thursday, February 24th. Credit Suisse Group reduced their target price on shares of Rackspace Technology from $25.00 to $19.00 and set an outperform rating for the company in a report on Wednesday, February 23rd. Finally, Royal Bank of Canada reduced their target price on shares of Rackspace Technology from $24.00 to $18.00 and set an outperform rating for the company in a report on Wednesday, February 23rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Hold and a consensus target price of $17.45.
NASDAQ:RXT opened at $10.16 on Wednesday. The company has a debt-to-equity ratio of 2.80, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a 50-day moving average price of $11.11 and a two-hundred day moving average price of $12.96. Rackspace Technology has a twelve month low of $7.28 and a twelve month high of $26.23.
Rackspace Technology (NASDAQ:RXT – Get Rating) last released its earnings results on Tuesday, February 22nd. The company reported $0.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.01. Rackspace Technology had a negative net margin of 7.25% and a positive return on equity of 15.14%. The business had revenue of $777.30 million for the quarter, compared to analysts’ expectations of $771.22 million. During the same period last year, the company earned $0.26 earnings per share. The company’s quarterly revenue was up 8.5% on a year-over-year basis. On average, equities analysts anticipate that Rackspace Technology will post 0.93 earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in the company. Mackenzie Financial Corp raised its holdings in shares of Rackspace Technology by 16.4% during the 4th quarter. Mackenzie Financial Corp now owns 7,131,436 shares of the company’s stock valued at $96,060,000 after purchasing an additional 1,007,205 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Rackspace Technology by 6.3% during the 4th quarter. BlackRock Inc. now owns 3,688,851 shares of the company’s stock valued at $49,689,000 after purchasing an additional 217,047 shares in the last quarter. Rice Hall James & Associates LLC raised its holdings in shares of Rackspace Technology by 31.0% during the 4th quarter. Rice Hall James & Associates LLC now owns 2,508,958 shares of the company’s stock valued at $33,796,000 after purchasing an additional 593,674 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Rackspace Technology by 42.8% during the 4th quarter. Legal & General Group Plc now owns 2,276,840 shares of the company’s stock valued at $30,669,000 after purchasing an additional 681,965 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Rackspace Technology by 5.6% during the 4th quarter. Geode Capital Management LLC now owns 1,138,051 shares of the company’s stock valued at $15,329,000 after purchasing an additional 60,272 shares in the last quarter. Institutional investors and hedge funds own 95.38% 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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