Rackspace Technology, Inc. (NASDAQ:RXT – Get Free Report)’s share price traded up 10.9% on Monday . The company traded as high as $6.24 and last traded at $6.3430. 2,599,255 shares were traded during mid-day trading, a decline of 89% from the average session volume of 23,518,809 shares. The stock had previously closed at $5.72.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on RXT shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rackspace Technology in a report on Tuesday, June 2nd. Royal Bank Of Canada boosted their price objective on Rackspace Technology from $2.50 to $4.00 and gave the stock a “sector perform” rating in a research note on Wednesday, June 17th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $2.70.
Read Our Latest Stock Report on Rackspace Technology
Rackspace Technology Stock Up 13.8%
Rackspace Technology (NASDAQ:RXT – Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The firm 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.
Insider Activity at Rackspace Technology
In related news, CFO Mark A. Marino sold 48,099 shares of the firm’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $5.56, for a total value of $267,430.44. Following the transaction, the chief financial officer owned 3,370,431 shares of the company’s stock, valued at $18,739,596.36. This trade represents a 1.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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. Insiders own 2.30% of the company’s stock.
Hedge Funds Weigh In On Rackspace Technology
A number of hedge funds have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC increased its position in shares of Rackspace Technology by 179.7% during the first quarter. Janus Henderson Group PLC now owns 2,937,670 shares of the company’s stock worth $2,878,000 after acquiring an additional 1,887,317 shares during the period. Two Sigma Investments LP grew its stake in Rackspace Technology by 368.4% in the third quarter. Two Sigma Investments LP now owns 673,689 shares of the company’s stock worth $950,000 after purchasing an additional 529,862 shares in the last quarter. Vanguard Group Inc. grew its stake in Rackspace Technology by 6.1% in the third quarter. Vanguard Group Inc. now owns 6,288,882 shares of the company’s stock worth $8,867,000 after purchasing an additional 359,087 shares in the last quarter. Geode Capital Management LLC increased its holdings in Rackspace Technology by 17.9% during the 2nd quarter. Geode Capital Management LLC now owns 2,064,549 shares of the company’s stock worth $2,643,000 after purchasing an additional 313,636 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in Rackspace Technology by 25.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,437,879 shares of the company’s stock worth $1,840,000 after purchasing an additional 292,249 shares during the period. 82.48% of the stock is currently owned by institutional investors.
Rackspace Technology Company Profile
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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