Fintel reports that on May 15, 2023, Barclays maintained coverage of Rackspace Technology (NASDAQ:RXT) with a Underweight recommendation.
Analyst Price Forecast Suggests 149.61% Upside
As of May 11, 2023, the average one-year price target for Rackspace Technology is 2.70. The forecasts range from a low of 1.52 to a high of $4.20. The average price target represents an increase of 149.61% from its latest reported closing price of 1.08.
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 270 funds or institutions reporting positions in Rackspace Technology. This is a decrease of 35 owner(s) or 11.48% in the last quarter. Average portfolio weight of all funds dedicated to RXT is 0.03%, a decrease of 60.41%. Total shares owned by institutions decreased in the last three months by 0.64% to 187,244K shares. 
The put/call ratio of RXT is 5.15, 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.
SKYY - First Trust Cloud Computing ETF holds 6,987K shares representing 3.20% ownership of the company. In it's prior filing, the firm reported owning 26,993K shares, representing a decrease of 286.34%. The firm decreased its portfolio allocation in RXT by 78.66% over 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 44.74% 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 43.54% 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.
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.
Key filings for this company:
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
