Rackspace Technology (NASDAQ:RXT) Given New $2.00 Price Target at Barclays

Rackspace Technology (NASDAQ:RXT) had its price target raised by research analysts at Barclays from $1.00 to $2.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Barclays‘s target price would indicate a potential downside of 15.61% from the company’s previous close.

Separately, UBS Group raised their target price on shares of Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a report on Friday, August 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, Rackspace Technology currently has an average rating of “Hold” and an average target price of $2.29.

Rackspace Technology Stock Performance

Shares of Rackspace Technology stock opened at $2.37 on Monday. Rackspace Technology has a 52-week low of $1.22 and a 52-week high of $3.41. The stock has a market capitalization of $539.34 million, a price-to-earnings ratio of -0.68 and a beta of 1.97. The company’s 50 day moving average price is $2.55 and its 200-day moving average price is $2.41.

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

Insider Buying and Selling

In other Rackspace Technology news, CEO Amar Maletira sold 82,552 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $2.37, for a total transaction of $195,648.24. Following the completion of the transaction, the chief executive officer now owns 4,983,984 shares of the company’s stock, valued at approximately $11,812,042.08. This trade represents a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rackspace Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Creative Planning purchased a new position in shares of Rackspace Technology in the 3rd quarter worth about $29,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Rackspace Technology in the 2nd quarter worth about $40,000. US Bancorp DE raised its position in shares of Rackspace Technology by 10,766.2% in the 3rd quarter. US Bancorp DE now owns 16,408 shares of the company’s stock worth $40,000 after purchasing an additional 16,257 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of Rackspace Technology in the 3rd quarter worth about $50,000. Finally, Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Rackspace Technology by 98.2% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock worth $51,000 after purchasing an additional 16,484 shares during 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.