Rackspace Technology (NASDAQ:RXT) Trading 10.5% Higher After Analyst Upgrade

Rackspace Technology, Inc. (NASDAQ:RXT) traded up 10.5% during mid-day trading on Monday after Royal Bank Of Canada raised their price target on the stock from $1.75 to $2.50. Royal Bank Of Canada currently has a sector perform rating on the stock. Rackspace Technology traded as high as $2.20 and last traded at $2.1550. 25,658,673 shares were traded during mid-day trading, a decline of 18% from the average session volume of 31,175,932 shares. The stock had previously closed at $1.95.

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Rackspace Technology in a report on Thursday, January 22nd. Four research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Rackspace Technology has an average rating of “Reduce” and an average target price of $1.70.

Insider Transactions at Rackspace Technology

In related news, CFO Mark A. Marino sold 234,683 shares of the business’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $1.63, for a total transaction of $382,533.29. Following the completion of the transaction, the chief financial officer directly owned 2,193,115 shares in the company, valued at $3,574,777.45. The trade was a 9.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RXT. Vanguard Group Inc. lifted its position in Rackspace Technology by 6.1% during the third quarter. Vanguard Group Inc. now owns 6,288,882 shares of the company’s stock valued at $8,867,000 after purchasing an additional 359,087 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Rackspace Technology by 4.2% during the 4th quarter. Geode Capital Management LLC now owns 2,408,000 shares of the company’s stock worth $2,338,000 after acquiring an additional 96,760 shares during the last quarter. AustralianSuper Pty Ltd bought a new stake in shares of Rackspace Technology during the 3rd quarter worth $2,276,000. JPMorgan Chase & Co. grew its position in Rackspace Technology by 1.8% in the third quarter. JPMorgan Chase & Co. now owns 1,464,389 shares of the company’s stock worth $2,065,000 after acquiring an additional 26,510 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in Rackspace Technology by 70.7% in the fourth quarter. Janus Henderson Group PLC now owns 1,050,353 shares of the company’s stock valued at $1,020,000 after acquiring an additional 435,113 shares during the last quarter. 82.48% of the stock is currently owned by institutional investors.

Rackspace Technology Price Performance

The stock has a 50 day moving average of $0.92 and a 200 day moving average of $1.17. The firm has a market cap of $524.94 million, a P/E ratio of -2.28 and a beta of 1.78.

About Rackspace Technology

Rackspace Technology (NASDAQ: RXT) is a leading provider of managed multi-cloud solutions and services, specializing in the deployment, management and optimization of public and private cloud environments. The company helps organizations design and operate applications across platforms such as Amazon Web Services (AWS), Microsoft Azure, Google Cloud and its own private cloud infrastructure. Rackspace’s core offerings include cloud migration, application modernization, data protection, security services and 24x7x365 operational support.

Beyond cloud hosting, Rackspace offers a range of professional services designed to accelerate digital transformation initiatives.