Rackspace Technology (NASDAQ:RXT) Price Target Raised to $2.00

Rackspace Technology (NASDAQ:RXT - Get Free Report) had its price target boosted by equities researchers at Barclays from $1.00 to $2.00 in a research report issued on Monday,Benzinga reports. The firm currently has an "underweight" rating on the stock. Barclays's price target points to a potential downside of 18.37% from the company's previous close.

Separately, UBS Group increased their price objective on shares of Rackspace Technology from $2.10 to $2.30 and gave the company a "neutral" rating in a research note on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $2.29.

Rackspace Technology Stock Up 1.2 %

Shares of RXT stock traded up $0.03 during trading hours on Monday, reaching $2.45. 713,629 shares of the stock traded hands, compared to its average volume of 1,108,747. Rackspace Technology has a 1-year low of $1.22 and a 1-year high of $3.41. The business has a fifty day moving average price of $2.55 and a 200 day moving average price of $2.40. The firm has a market capitalization of $557.55 million, a PE ratio of -0.70 and a beta of 1.97.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.03. The business had revenue of $675.80 million during the quarter, compared to the consensus estimate of $675.14 million. The business's revenue was down 7.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.04) earnings per share. Research analysts expect that Rackspace Technology will post -0.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Amar Maletira sold 84,823 shares of Rackspace Technology stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $2.42, for a total value of $205,271.66. Following the sale, the chief executive officer now directly owns 5,158,399 shares in the company, valued at $12,483,325.58. This trade represents a 1.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 227,321 shares of company stock valued at $542,103 in the last 90 days. 2.00% of the stock is owned by insiders.

Institutional Trading of Rackspace Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC raised its holdings in shares of Rackspace Technology by 23.7% in the second quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company's stock valued at $3,991,000 after purchasing an additional 256,900 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Rackspace Technology by 30.1% in the first quarter. Public Employees Retirement System of Ohio now owns 133,484 shares of the company's stock valued at $211,000 after buying an additional 30,916 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Rackspace Technology by 98.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company's stock valued at $51,000 after buying an additional 16,484 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Rackspace Technology in the second quarter valued at $40,000. Finally, Creative Planning bought a new position in shares of Rackspace Technology in the third quarter valued at $29,000. 82.48% of the stock is currently owned by institutional investors and hedge funds.

About Rackspace Technology

Rackspace Technology, Inc operates as a multi cloud technology services company in the Americas, Europe, the Middle East, Africa, and The Asia-Pacific region. It operates through three segments: Multicloud Services, Apps & Cross Platform, and OpenStack Public Cloud. The company provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; professional services related to designing and building multi cloud solutions and cloud-native applications; and managed hosting and colocation services.