Rackspace Technology (NASDAQ:RXT) Price Target Lowered to $1.90 at UBS Group

Rackspace Technology (NASDAQ:RXT) had its target price cut by UBS Group from $2.95 to $1.90 in a report released 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 for the company in a research note on Friday, April 25th.

Rackspace Technology Stock Down 13.2 %

Shares of NASDAQ:RXT opened at $1.25 on Friday. The company’s fifty day moving average is $1.61 and its 200 day moving average is $2.21. Rackspace Technology has a 52 week low of $1.24 and a 52 week high of $3.41. The stock has a market cap of $296.74 million, a PE ratio of -0.32 and a beta of 2.14.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.02. The company had revenue of $665.40 million for the quarter, compared to the consensus estimate of $657.98 million. During the same quarter in the previous year, the business earned ($0.11) earnings per share. Rackspace Technology’s revenue was down 3.7% compared to the same quarter last year.

Insider Buying and Selling

In related news, CFO Mark A. Marino sold 202,230 shares of Rackspace Technology stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $2.61, for a total transaction of $527,820.30. Following the sale, the chief financial officer now directly owns 1,713,126 shares in the company, valued at $4,471,258.86. The trade was a 10.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Amar Maletira sold 38,355 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $2.37, for a total value of $90,901.35. Following the completion of the sale, the chief executive officer now directly owns 4,890,168 shares in the company, valued at approximately $11,589,698.16. The trade was a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,154,204 shares of company stock valued at $2,384,960 over the last quarter. 2.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Barclays PLC grew its holdings in Rackspace Technology by 86.1% in the third quarter. Barclays PLC now owns 109,997 shares of the company’s stock worth $270,000 after purchasing an additional 50,896 shares during the period. SG Americas Securities LLC boosted its position in shares of Rackspace Technology by 64.7% in 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 in the 4th quarter worth approximately $85,000. Charles Schwab Investment Management Inc. increased its position in Rackspace Technology by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 595,860 shares of the company’s stock valued at $1,317,000 after buying an additional 5,136 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Rackspace Technology during the fourth quarter valued at $855,000. 82.48% of the stock is currently owned by 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.