Rackspace Technology (NASDAQ:RXT) Shares Gap Up to $2.98

Rackspace Technology, Inc. (NASDAQ:RXT) gapped up prior to trading on Monday . The stock had previously closed at $2.98, but opened at $3.09. Rackspace Technology shares last traded at $2.91, with a volume of 172,672 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $3.00 price target on shares of Rackspace Technology in a research report on Wednesday, March 13th. Raymond James cut their target price on Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 13th. Evercore ISI lowered their price target on Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating for the company in a research report on Wednesday, March 13th. Finally, BMO Capital Markets lifted their price objective on Rackspace Technology from $1.50 to $2.50 and gave the stock a “market perform” rating in a research report on Wednesday, March 13th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $2.31.

Rackspace Technology Trading Down 2.7 %

The business has a fifty day simple moving average of $2.12 and a two-hundred day simple moving average of $1.90.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings results on Wednesday, May 15th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.02. The firm had revenue of $690.80 million during the quarter, compared to analysts’ expectations of $684.21 million. During the same period in the previous year, the company earned ($0.02) earnings per share. Rackspace Technology’s revenue for the quarter was down 8.9% on a year-over-year basis. As a group, sell-side analysts expect that Rackspace Technology, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at Rackspace Technology

In other news, insider Kellie Teal-Guess sold 61,393 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $2.13, for a total value of $130,767.09. Following the sale, the insider now directly owns 909,775 shares of the company’s stock, valued at approximately $1,937,820.75. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rackspace Technology

Hedge funds have recently bought and sold shares of the company. Fountainhead AM LLC purchased a new position in shares of Rackspace Technology in the fourth quarter worth $25,000. Raymond James & Associates purchased a new position in Rackspace Technology in the 4th quarter worth about $29,000. Susquehanna Fundamental Investments LLC bought a new position in Rackspace Technology during the 1st quarter valued at about $35,000. Tower Research Capital LLC TRC boosted its holdings in shares of Rackspace Technology by 1,140.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 21,168 shares of the company’s stock valued at $42,000 after acquiring an additional 19,462 shares during the last quarter. Finally, 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 worth $51,000 after acquiring an additional 16,484 shares during the period. Institutional investors own 82.48% of the company’s stock.

Rackspace Technology Company Profile

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.