Fintel reports that on July 25, 2023, Citigroup downgraded their outlook for Rackspace Technology (NASDAQ:RXT) from Neutral to Sell.
Analyst Price Forecast Suggests 18.22% Downside
As of July 6, 2023, the average one-year price target for Rackspace Technology is 2.00. The forecasts range from a low of 1.01 to a high of $3.68. The average price target represents a decrease of 18.22% from its latest reported closing price of 2.45.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Rackspace Technology is 3,090MM, a decrease of 0.50%. The projected annual non-GAAP EPS is 0.09.
What is the Fund Sentiment?
There are 271 funds or institutions reporting positions in Rackspace Technology. This is a decrease of 22 owner(s) or 7.51% in the last quarter. Average portfolio weight of all funds dedicated to RXT is 0.02%, a decrease of 41.09%. Total shares owned by institutions decreased in the last three months by 1.48% to 183,067K shares. The put/call ratio of RXT is 2.47, indicating a bearish outlook.
What are Other Shareholders Doing?
Apollo Management Holdings holds 129,609K shares representing 59.41% ownership of the company. No change in the last quarter.
Mackenzie Financial holds 6,981K shares representing 3.20% ownership of the company. In it’s prior filing, the firm reported owning 6,997K shares, representing a decrease of 0.22%. The firm decreased its portfolio allocation in RXT by 41.19% over the last quarter.
Legal & General Group holds 5,864K shares representing 2.69% ownership of the company. In it’s prior filing, the firm reported owning 4,726K shares, representing an increase of 19.40%. The firm decreased its portfolio allocation in RXT by 26.32% over the last quarter.
First Trust Advisors holds 5,087K shares representing 2.33% ownership of the company. In it’s prior filing, the firm reported owning 8,359K shares, representing a decrease of 64.33%. The firm decreased its portfolio allocation in RXT by 62.35% over the last quarter.
SKYY – First Trust Cloud Computing ETF holds 4,639K shares representing 2.13% ownership of the company. In it’s prior filing, the firm reported owning 6,987K shares, representing a decrease of 50.60%. The firm decreased its portfolio allocation in RXT by 60.28% over the last quarter.
Rackspace Technology Background Information
(This description is provided by the company.)
Rackspace Technology is a leading end-to-end multicloud technology services company. The company can design, build and operate its customers’ cloud environments across all major technology platforms, irrespective of technology stack or deployment model. Rackspace partners with its customers at every stage of their cloud journey, enabling them to modernize applications, build new products and adopt innovative technologies.
This article originally appeared on Fintel
Top Gaining Stocks
Top Losing Stocks