Rackspace Technology (NASDAQ:RXT) Price Target Cut to $1.90 by Analysts at UBS Group

Rackspace Technology (NASDAQ:RXT) had its price objective reduced by UBS Group from $2.95 to $1.90 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a neutral rating on the stock.

Separately, Barclays lowered their price objective on shares of Rackspace Technology from $2.00 to $1.00 and set an “underweight” rating on the stock in a research report on Friday, April 25th.

Rackspace Technology Price Performance

Shares of Rackspace Technology stock opened at $1.25 on Friday. The firm’s fifty day simple moving average is $1.61 and its 200-day simple moving average is $2.21. The stock has a market capitalization of $296.74 million, a price-to-earnings ratio of -0.32 and a beta of 2.14. Rackspace Technology has a 12 month low of $1.24 and a 12 month high of $3.41.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The firm had revenue of $665.40 million during the quarter, compared to analysts’ expectations of $657.98 million. During the same quarter last year, the business earned ($0.11) earnings per share. The business’s quarterly revenue was down 3.7% on a year-over-year basis.

Insider Activity at Rackspace Technology

In other Rackspace Technology news, insider Srini Koushik sold 73,972 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $1.87, for a total transaction of $138,327.64. Following the sale, the insider now directly owns 935,114 shares in the company, valued at approximately $1,748,663.18. The trade was a 7.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Dharmendra Kumar Sinha sold 17,480 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $2.37, for a total transaction of $41,427.60. Following the sale, the executive vice president now owns 2,293,829 shares in the company, valued at $5,436,374.73. The trade was a 0.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,154,204 shares of company stock worth $2,384,960 in the last three months. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Rackspace Technology

Several institutional investors have recently made changes to their positions in RXT. Barclays PLC boosted its position in shares of Rackspace Technology by 86.1% during the 3rd quarter. Barclays PLC now owns 109,997 shares of the company’s stock worth $270,000 after purchasing an additional 50,896 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of Rackspace Technology by 64.7% during the 4th quarter. SG Americas Securities LLC now owns 56,778 shares of the company’s stock worth $125,000 after purchasing an additional 22,311 shares in the last quarter. Empower Advisory Group LLC purchased a new stake in shares of Rackspace Technology during the 4th quarter worth $85,000. Charles Schwab Investment Management Inc. boosted its position in shares of Rackspace Technology by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 595,860 shares of the company’s stock worth $1,317,000 after purchasing an additional 5,136 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Rackspace Technology during the 4th quarter worth $855,000. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

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.