Rackspace Technology (NASDAQ:RXT) Reaches New 52-Week High – What’s Next?

Rackspace Technology, Inc. (NASDAQ:RXT) shares reached a new 52-week high during trading on Thursday . The stock traded as high as $4.12 and last traded at $4.0920, with a volume of 70204384 shares traded. The stock had previously closed at $2.27.

Wall Street Analysts Forecast Growth

Several research firms have commented on RXT. Royal Bank Of Canada lifted their price target on Rackspace Technology from $1.75 to $2.50 and gave the stock a “sector perform” rating in a research report on Friday, February 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rackspace Technology in a research report on Thursday, January 22nd. Four equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Rackspace Technology presently has an average rating of “Reduce” and a consensus target price of $1.93.

Rackspace Technology Stock Up 55.7%

The company has a market cap of $880.99 million, a price-to-earnings ratio of -3.72 and a beta of 2.23. The firm has a 50-day simple moving average of $1.57 and a 200 day simple moving average of $1.23.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Rackspace Technology has set its FY 2026 guidance at -0.200–0.150 EPS. As a group, research analysts expect that Rackspace Technology, Inc. will post -0.18 EPS for the current year.

Insider Activity at Rackspace Technology

In other Rackspace Technology news, CFO Mark A. Marino sold 234,683 shares of Rackspace Technology stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $1.63, for a total value of $382,533.29. Following the transaction, the chief financial officer directly owned 2,193,115 shares in the company, valued at approximately $3,574,777.45. This trade represents a 9.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Dharmendra Kumar Sinha sold 188,123 shares of Rackspace Technology stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $1.81, for a total value of $340,502.63. Following the completion of the transaction, the executive vice president owned 2,276,057 shares in the company, valued at $4,119,663.17. This trade represents a 7.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 502,440 shares of company stock worth $867,173 over the last quarter. Company insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RXT. Abel Hall LLC purchased a new position in shares of Rackspace Technology in the 1st quarter valued at approximately $30,000. Savant Capital LLC purchased a new stake in shares of Rackspace Technology in the third quarter valued at approximately $33,000. Creative Planning boosted 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 in the last quarter. Jump Financial LLC purchased a new stake in shares of Rackspace Technology in the fourth quarter valued at approximately $34,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Rackspace Technology in the first quarter valued at approximately $34,000. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

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.