Rackspace Technology, Inc. (NASDAQ:RXT – Get Rating) shares gapped down prior to trading on Tuesday after Citigroup lowered their price target on the stock from $7.00 to $5.00. The stock had previously closed at $4.75, but opened at $4.56. Rackspace Technology shares last traded at $4.57, with a volume of 5,257 shares.
Several other brokerages also recently weighed in on RXT. Credit Suisse Group raised their target price on Rackspace Technology from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Thursday, November 17th. BMO Capital Markets decreased their price target on Rackspace Technology from $10.50 to $7.00 and set a “market perform” rating for the company in a research note on Wednesday, August 10th. Deutsche Bank Aktiengesellschaft decreased their price target on Rackspace Technology from $6.00 to $5.00 in a research note on Thursday, November 10th. Raymond James downgraded Rackspace Technology from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 10th. Finally, Evercore ISI decreased their price target on Rackspace Technology to $5.00 in a research note on Thursday, October 20th. Two equities 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $7.60.
Institutional Investors Weigh In On Rackspace Technology
Hedge funds have recently made changes to their positions in the business. PNC Financial Services Group Inc. raised its holdings in shares of Rackspace Technology by 693.1% during the first quarter. PNC Financial Services Group Inc. now owns 3,347 shares of the company’s stock valued at $37,000 after buying an additional 2,925 shares during the last quarter. Point72 Hong Kong Ltd raised its holdings in shares of Rackspace Technology by 144.4% during the second quarter. Point72 Hong Kong Ltd now owns 4,831 shares of the company’s stock valued at $35,000 after buying an additional 2,854 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Rackspace Technology during the first quarter valued at approximately $79,000. CI Investments Inc. increased its stake 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 during the period. Finally, Ensign Peak Advisors Inc acquired a new position in shares of Rackspace Technology during the third quarter valued at approximately $31,000. Institutional investors own 88.15% of the company’s stock.
Rackspace Technology Trading Down 4.0 %
The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 4.48. The stock’s 50 day moving average is $4.81 and its 200 day moving average is $6.23.
Rackspace Technology Company Profile
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.