Rackspace Technology (NASDAQ:RXT) PT Lowered to $5.00

Rackspace Technology (NASDAQ:RXTGet Rating) had its target price trimmed by Citigroup from $7.00 to $5.00 in a report issued on Monday morning, The Fly reports.

A number of other equities research analysts have also commented on RXT. Raymond James lowered shares of Rackspace Technology from an outperform rating to a market perform rating in a research note on Wednesday, August 10th. Credit Suisse Group upped their price objective on shares of Rackspace Technology from $7.00 to $8.00 and gave the company an outperform rating in a research note on Thursday, November 17th. JPMorgan Chase & Co. lowered shares of Rackspace Technology from a neutral rating to an underweight rating and cut their target price for the stock from $7.00 to $5.00 in a research note on Tuesday, August 16th. Royal Bank of Canada lowered shares of Rackspace Technology from an outperform rating to a sector perform rating and cut their target price for the stock from $9.00 to $7.00 in a research note on Thursday, August 11th. Finally, Barclays cut their target price on shares of Rackspace Technology from $5.00 to $4.00 and set an underweight rating on the stock in a research note on Monday, October 3rd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $7.60.

Rackspace Technology Trading Up 3.9 %

Shares of NASDAQ RXT opened at $4.81 on Monday. The company has a debt-to-equity ratio of 4.48, a quick ratio of 1.25 and a current ratio of 1.25. Rackspace Technology has a 52-week low of $3.70 and a 52-week high of $15.65. The firm has a 50 day moving average price of $4.74 and a two-hundred day moving average price of $6.14. The stock has a market cap of $1.02 billion, a P/E ratio of -1.51, a price-to-earnings-growth ratio of 0.86 and a beta of 1.20.

Institutional Trading of Rackspace Technology

Several institutional investors and hedge funds have recently made changes to their positions in RXT. First Trust Advisors LP raised its holdings in shares of Rackspace Technology by 102.8% in the third quarter. First Trust Advisors LP now owns 29,795,064 shares of the company’s stock valued at $121,564,000 after purchasing an additional 15,103,307 shares during the last quarter. Leeward Investments LLC MA purchased a new stake in Rackspace Technology during the first quarter worth about $29,433,000. Vanguard Group Inc. increased its holdings in Rackspace Technology by 54.2% during the first quarter. Vanguard Group Inc. now owns 5,291,508 shares of the company’s stock worth $59,054,000 after buying an additional 1,860,141 shares during the last quarter. Dimensional Fund Advisors LP purchased a new stake in Rackspace Technology during the first quarter worth about $6,148,000. Finally, Millennium Management LLC increased its holdings in Rackspace Technology by 60.9% during the second quarter. Millennium Management LLC now owns 715,251 shares of the company’s stock worth $5,128,000 after buying an additional 270,674 shares during the last quarter. Hedge funds and other institutional investors own 88.15% of the company’s stock.

About Rackspace Technology

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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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