Rackspace Technology (NASDAQ:RXT - Get Free Report) had its price target decreased by Barclays from $2.00 to $1.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an "underweight" rating on the stock. Barclays's price objective indicates a potential downside of 26.47% from the stock's previous close.
Rackspace Technology Price Performance
Shares of RXT stock traded down $0.02 during trading on Friday, reaching $1.36. The company's stock had a trading volume of 644,874 shares, compared to its average volume of 936,085. Rackspace Technology has a 1-year low of $1.24 and a 1-year high of $3.41. The stock's 50-day moving average price is $1.85 and its 200 day moving average price is $2.30. The company has a market capitalization of $322.74 million, a price-to-earnings ratio of -0.35 and a beta of 2.12.
Rackspace Technology (NASDAQ:RXT - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The company reported ($0.02) earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.02. The company had revenue of $685.60 million for the quarter, compared to analysts' expectations of $674.85 million.
Insider Buying and Selling
In other news, insider Srini Koushik sold 73,972 shares of the business's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $1.87, for a total value of $138,327.64. Following the completion of the sale, the insider now directly owns 935,114 shares of the company's stock, valued at approximately $1,748,663.18. The trade was a 7.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Amar Maletira sold 38,355 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $2.37, for a total value of $90,901.35. Following the transaction, the chief executive officer now owns 4,890,168 shares in the company, valued at $11,589,698.16. This represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,154,204 shares of company stock worth $2,384,960 over the last 90 days. 2.00% of the stock is owned by insiders.
Institutional Investors Weigh In On Rackspace Technology
A number of institutional investors and hedge funds have recently made changes to their positions in RXT. Balyasny Asset Management L.P. purchased a new position in shares of Rackspace Technology in the 4th quarter valued at approximately $36,000. MetLife Investment Management LLC raised its holdings in Rackspace Technology by 89.4% during the fourth quarter. MetLife Investment Management LLC now owns 17,539 shares of the company's stock worth $39,000 after purchasing an additional 8,281 shares in the last quarter. ProShare Advisors LLC lifted its position in Rackspace Technology by 50.6% in the fourth quarter. ProShare Advisors LLC now owns 19,030 shares of the company's stock valued at $42,000 after purchasing an additional 6,398 shares during the period. Aquatic Capital Management LLC acquired a new stake in Rackspace Technology in the fourth quarter valued at about $45,000. Finally, Quantbot Technologies LP acquired a new position in Rackspace Technology during the 4th quarter worth approximately $57,000. 82.48% of the stock is owned by hedge funds and other institutional investors.
About Rackspace Technology
(
Get Free Report)
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.
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