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

Rackspace Technology (NASDAQ:RXT) had its target price increased by Barclays from $1.00 to $2.00 in a report published on Monday morning,Benzinga reports. Barclays currently has an underweight rating on the stock.

Separately, UBS Group lifted their target price on Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a report on Friday, August 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $2.47.

Rackspace Technology Trading Down 2.1 %

Shares of Rackspace Technology stock opened at $2.32 on Monday. The firm has a market cap of $527.96 million, a P/E ratio of -0.66 and a beta of 1.97. Rackspace Technology has a 12 month low of $1.22 and a 12 month high of $3.41. The stock’s fifty day moving average price is $2.55 and its 200-day moving average price is $2.41.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. The company had revenue of $675.80 million for the quarter, compared to the consensus estimate of $675.14 million. Rackspace Technology’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.04) EPS. Analysts forecast that Rackspace Technology will post -0.27 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Amar Maletira sold 82,552 shares of the business’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $2.37, for a total value of $195,648.24. Following the sale, the chief executive officer now owns 4,983,984 shares in the company, valued at approximately $11,812,042.08. The trade was a 1.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rackspace Technology

Large investors have recently bought and sold shares of the stock. Creative Planning acquired a new stake in shares of Rackspace Technology in the 3rd quarter valued at about $29,000. Allspring Global Investments Holdings LLC purchased a new position in Rackspace Technology in the 2nd quarter valued at approximately $40,000. US Bancorp DE increased its stake in Rackspace Technology by 10,766.2% in the 3rd quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after purchasing an additional 16,257 shares in the last quarter. Intech Investment Management LLC purchased a new position in Rackspace Technology during the third quarter worth $50,000. Finally, Mitsubishi UFJ Trust & Banking Corp increased its position in Rackspace Technology by 98.2% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock worth $51,000 after buying an additional 16,484 shares in the last quarter. Hedge funds and other 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.