Rackspace Technology (NASDAQ:RXT) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Rackspace Technology (NASDAQ:RXT) from a sell rating to a hold rating in a report issued on Friday morning.

A number of other equities analysts also recently issued reports on the company. Raymond James Financial reiterated a “market perform” rating on shares of Rackspace Technology in a research note on Monday, June 2nd. Barclays cut 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. Royal Bank Of Canada cut 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. Finally, UBS Group cut their target price on Rackspace Technology from $2.95 to $1.90 and set a “neutral” rating on the stock in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $1.63.

Rackspace Technology Stock Performance

RXT stock opened at $1.30 on Friday. The company has a market capitalization of $308.61 million, a P/E ratio of -1.02 and a beta of 2.04. Rackspace Technology has a 52-week low of $1.00 and a 52-week high of $3.41. The business has a 50-day simple moving average of $1.26 and a two-hundred day simple moving average of $1.89.

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

Hedge Funds Weigh In On Rackspace Technology

A number of hedge funds and other institutional investors have recently modified their holdings of RXT. Cerity Partners LLC purchased a new position in shares of Rackspace Technology in the 1st quarter worth approximately $26,000. Balyasny Asset Management L.P. purchased a new position in shares of Rackspace Technology in the 4th quarter worth approximately $36,000. MetLife Investment Management LLC boosted its stake 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 worth $39,000 after buying an additional 8,281 shares during the last quarter. Jump Financial LLC purchased a new position in shares of Rackspace Technology in the 1st quarter worth approximately $40,000. Finally, ProShare Advisors LLC lifted its stake in Rackspace Technology by 50.6% in the fourth quarter. ProShare Advisors LLC now owns 19,030 shares of the company’s stock valued at $42,000 after purchasing an additional 6,398 shares during the last quarter. Hedge funds and other institutional investors own 82.48% of the company’s stock.

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.