Rackspace Technology (NASDAQ:RXT) Receives Market Perform Rating from Raymond James

Rackspace Technology (NASDAQ:RXT)‘s stock had its “market perform” rating restated by equities research analysts at Raymond James in a note issued to investors on Monday, Marketbeat Ratings reports.

A number of other equities research analysts have also issued reports on the company. Royal Bank of Canada decreased their price target on Rackspace Technology from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Monday, May 12th. Barclays decreased their price target on Rackspace Technology from $2.00 to $1.00 and set an “underweight” rating for the company in a research note on Friday, April 25th. Finally, UBS Group decreased their price target on Rackspace Technology from $2.95 to $1.90 and set a “neutral” rating for the company in a research note on Friday, May 9th.

Rackspace Technology Stock Performance

Shares of Rackspace Technology stock opened at $1.03 on Monday. The stock has a market cap of $244.51 million, a price-to-earnings ratio of -0.27 and a beta of 2.04. The stock has a 50 day moving average price of $1.33 and a 200-day moving average price of $2.04. Rackspace Technology has a one year low of $1.00 and a one year high of $3.41.

Rackspace Technology (NASDAQ:RXT) last announced its earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The company had revenue of $665.40 million during the quarter, compared to analysts’ expectations of $657.98 million. During the same quarter last year, the firm posted ($0.11) EPS. Rackspace Technology’s revenue for the quarter was down 3.7% compared to the same quarter last year.

Insider Buying and Selling at Rackspace Technology

In other Rackspace Technology news, CEO Amar Maletira sold 521,840 shares of Rackspace Technology stock in a transaction on Monday, March 17th. The stock was sold at an average price of $1.87, for a total transaction of $975,840.80. Following the completion of the sale, the chief executive officer now directly owns 4,368,328 shares of the company’s stock, valued at $8,168,773.36. The trade was a 10.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Srini Koushik sold 73,972 shares of Rackspace Technology stock in a transaction on Monday, March 17th. The shares were sold at an average price of $1.87, for a total value of $138,327.64. Following the sale, the insider now directly owns 935,114 shares of the company’s stock, valued at approximately $1,748,663.18. This trade represents a 7.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 792,403 shares of company stock valued at $1,481,794 in the last ninety days. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its holdings in shares of Rackspace Technology by 0.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 595,860 shares of the company’s stock valued at $1,317,000 after acquiring an additional 5,136 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Rackspace Technology by 24.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,807 shares of the company’s stock valued at $60,000 after acquiring an additional 5,214 shares during the period. ProShare Advisors LLC increased its holdings in shares of Rackspace Technology by 50.6% in the 4th quarter. ProShare Advisors LLC now owns 19,030 shares of the company’s stock valued at $42,000 after acquiring an additional 6,398 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Rackspace Technology by 4.7% in the 1st quarter. Bank of New York Mellon Corp now owns 179,092 shares of the company’s stock valued at $303,000 after acquiring an additional 8,075 shares during the period. Finally, MetLife Investment Management LLC increased its holdings in shares of Rackspace Technology by 89.4% in the 4th quarter. MetLife Investment Management LLC now owns 17,539 shares of the company’s stock valued at $39,000 after acquiring an additional 8,281 shares during the period. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

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.