Rackspace Technology (NASDAQ:RXT) Shares Gap Down to $24.86


Share on StockTwits

Rackspace Technology, Inc. (NASDAQ:RXT)’s share price gapped down before the market opened on Friday . The stock had previously closed at $24.86, but opened at $24.00. Rackspace Technology shares last traded at $24.43, with a volume of 4,363 shares.

RXT has been the subject of several recent research reports. Oppenheimer began coverage on shares of Rackspace Technology in a report on Monday, January 25th. They issued an “outperform” rating and a $28.00 price target for the company. William Blair assumed coverage on shares of Rackspace Technology in a research note on Wednesday, March 31st. They issued an “outperform” rating for the company. Raymond James began coverage on shares of Rackspace Technology in a report on Monday. They issued an “outperform” rating and a $28.50 price objective on the stock. Finally, Zacks Investment Research downgraded Rackspace Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, February 23rd. One investment analyst has rated the stock with a sell rating and twelve have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $27.95.

The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.75. The firm’s 50 day moving average price is $23.50 and its two-hundred day moving average price is $20.33.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings data on Thursday, February 18th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.03. The business had revenue of $716.20 million for the quarter, compared to analyst estimates of $706.66 million. As a group, analysts anticipate that Rackspace Technology, Inc. will post 0.79 EPS for the current fiscal year.

In related news, COO Subroto Mukerji sold 56,499 shares of the firm’s stock in a transaction that occurred on Monday, February 1st. The stock was sold at an average price of $22.10, for a total value of $1,248,627.90. Following the sale, the chief operating officer now directly owns 36,997 shares in the company, valued at approximately $817,633.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Holly B. Windham sold 29,128 shares of Rackspace Technology stock in a transaction on Tuesday, February 9th. The shares were sold at an average price of $22.60, for a total value of $658,292.80. Following the sale, the executive vice president now directly owns 73,920 shares in the company, valued at approximately $1,670,592. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 237,725 shares of company stock valued at $5,253,148.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Xcel Wealth Management LLC lifted its holdings in shares of Rackspace Technology by 1.8% during the 4th quarter. Xcel Wealth Management LLC now owns 54,548 shares of the company’s stock valued at $1,039,000 after buying an additional 970 shares during the last quarter. Signaturefd LLC bought a new stake in Rackspace Technology in the 4th quarter valued at $26,000. Parkside Financial Bank & Trust bought a new position in shares of Rackspace Technology during the 4th quarter worth about $26,000. Steward Partners Investment Advisory LLC acquired a new position in Rackspace Technology in the 4th quarter valued at approximately $38,000. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Rackspace Technology by 66.7% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 10,000 shares of the company’s stock valued at $613,000 after buying an additional 4,000 shares in the last quarter. Hedge funds and other institutional investors own 78.32% of the company’s stock.

Rackspace Technology Company Profile (NASDAQ:RXT)

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.

Featured Story: Google Finance Portfolio

Receive News & Ratings for Rackspace Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rackspace Technology and related companies with MarketBeat.com's FREE daily email newsletter.