8 Cloud Computing Stocks Under $10

5) Rackspace Technology, Inc. (NASDAQ:RXT)

Share Price as of November 26: $2.64

Number of Hedge Fund Holders: 13

Rackspace Technology, Inc. (NASDAQ:RXT) is a provider of end-to-end multi-cloud technology services. The company designs, builds, and operates its customers’ cloud environments across technology platforms. It helps businesses optimize their use of cloud technologies. While Rackspace Technology, Inc. (NASDAQ:RXT) expects a 30% YoY revenue growth in its healthcare Private Cloud business for fiscal 2024, analysts are optimistic about a significant milestone in this business as the company saw a major healthcare provider migration. The company announced deploying an Epic Electronic Health Record (EHR) system for AdventHealth on its Healthcare Cloud platform.

To be precise, Rackspace Technology, Inc. (NASDAQ:RXT) is fully hosting and managing the Epic environment and 9 other strategic applications in the AdventHealth IT portfolio. This development indicates that the company remains focused on the healthcare and BFSI sectors. Also, it expects these verticals to account for one-third of total revenue by fiscal 2024. This means that it is targeting a service-led approach.

Rackspace Technology, Inc. (NASDAQ:RXT) continues to grow its service offerings, like its launch of GPU-as-a-service powered by Nvidia. This initiative aims to address the increased demand for high-performance computing resources, which remains important as cloud services continue to evolve and more industries decide to go for specialized infrastructure. As per Wall Street analysts, the shares of Rackspace Technology, Inc. (NASDAQ:RXT) have an average price target of $2.89.