Shares of Rackspace Technology, Inc. (NASDAQ:RXT – Get Free Report) traded up 9.9% on Tuesday . The company traded as high as $7.32 and last traded at $7.5160. Approximately 3,349,951 shares changed hands during trading, a decline of 86% from the average session volume of 24,234,350 shares. The stock had previously closed at $6.84.
Analyst Ratings Changes
Several analysts have recently weighed in on RXT shares. Weiss Ratings restated a “sell (d-)” rating on shares of Rackspace Technology in a research note on Tuesday, June 2nd. Royal Bank Of Canada boosted their price target on Rackspace Technology from $2.50 to $4.00 and gave the stock a “sector perform” rating in a research report on Wednesday, June 17th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Rackspace Technology presently has an average rating of “Reduce” and a consensus price target of $2.70.
Read Our Latest Research Report on RXT
Rackspace Technology Price Performance
Rackspace Technology (NASDAQ:RXT – Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The business had revenue of $678.10 million during the quarter, compared to analysts’ expectations of $660.83 million. Rackspace Technology has set its FY 2026 guidance at -0.200–0.150 EPS. Equities analysts anticipate that Rackspace Technology, Inc. will post -0.18 EPS for the current year.
Insider Activity
In other news, CFO Mark A. Marino sold 48,099 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $5.56, for a total transaction of $267,430.44. Following the completion of the sale, the chief financial officer owned 3,370,431 shares in the company, valued at approximately $18,739,596.36. This represents a 1.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 2.30% of the company’s stock.
Institutional Trading of Rackspace Technology
Hedge funds have recently added to or reduced their stakes in the business. R Squared Ltd grew its holdings in Rackspace Technology by 74.3% in the 3rd quarter. R Squared Ltd now owns 25,127 shares of the company’s stock valued at $35,000 after buying an additional 10,707 shares during the last quarter. Engineers Gate Manager LP lifted its holdings in shares of Rackspace Technology by 47.1% during the second quarter. Engineers Gate Manager LP now owns 34,777 shares of the company’s stock worth $45,000 after buying an additional 11,141 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Rackspace Technology by 4.0% during the third quarter. Alliancebernstein L.P. now owns 290,750 shares of the company’s stock worth $410,000 after buying an additional 11,300 shares during the last quarter. Creative Planning lifted its stake in shares of Rackspace Technology by 114.2% in the second quarter. Creative Planning now owns 25,715 shares of the company’s stock valued at $33,000 after buying an additional 13,708 shares during the period. Finally, XTX Topco Ltd lifted its position in shares of Rackspace Technology by 62.8% in the 2nd quarter. XTX Topco Ltd now owns 57,682 shares of the company’s stock worth $74,000 after acquiring an additional 22,243 shares during the period. Institutional investors own 82.48% of the company’s stock.
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.
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