Oppenheimer Believes Rackspace Technology (RXT) Won’t Stop Here
In a report released yesterday, Timothy Horan from Oppenheimer assigned a Buy rating to Rackspace Technology (RXT), with a price target of $28.00. The company’s shares closed last Thursday at $24.96, close to its 52-week high of $25.76.
According to TipRanks.com, Horan is a 5-star analyst with an average return of 20.4% and a 68.6% success rate. Horan covers the Technology sector, focusing on stocks such as Lumen Technologies, Digital Turbine, and Vonage Holdings.
Rackspace Technology has an analyst consensus of Strong Buy, with a price target consensus of $28.33.
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Based on Rackspace Technology’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $682 million and GAAP net loss of $101 million. In comparison, last year the company earned revenue of $602 million and had a GAAP net loss of $60.5 million.
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Rackspace Technology Inc is an end-to-end multicloud technology services company. It designs, builds and operates its customers’ cloud environments across all technology platforms, irrespective of technology stack or deployment model. The company’s solutions include Application Services; Data; Colocation; Managed Cloud; Managed Hosting; Professional Services; and Security & Compliance. It operates in three reportable segments Multicloud Services; Apps & Cross Platform; and OpenStack Public Cloud. It generates revenue through the sale of consumption-based contracts for its services offerings and from the sale of professional services related to designing and building customer solution.