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

Rackspace Technology (NASDAQ:RXT) had its target price lifted by Barclays from $1.00 to $2.00 in a research report report published on Monday morning,Benzinga reports. The brokerage currently has an underweight rating on the stock.

Separately, UBS Group boosted their price target on Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a research report on Friday, August 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $2.29.

Rackspace Technology Stock Up 1.4 %

RXT opened at $2.46 on Monday. The firm has a market cap of $558.68 million, a price-to-earnings ratio of -0.70 and a beta of 1.97. Rackspace Technology has a 52 week low of $1.22 and a 52 week high of $3.41. The business’s 50 day moving average is $2.55 and its two-hundred day moving average is $2.40.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.03. The business had revenue of $675.80 million during the quarter, compared to analysts’ expectations of $675.14 million. During the same quarter last year, the company earned ($0.04) EPS. The firm’s revenue for the quarter was down 7.7% compared to the same quarter last year. Equities analysts expect that Rackspace Technology will post -0.27 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Amar Maletira sold 82,552 shares of the company’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 transaction, the chief executive officer now owns 4,983,984 shares of the company’s stock, valued at $11,812,042.08. This represents a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 219,581 shares of company stock valued at $523,604 over the last ninety days. Corporate 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. Jacobs Levy Equity Management Inc. increased its holdings in shares of Rackspace Technology by 139.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 814,624 shares of the company’s stock valued at $1,996,000 after purchasing an additional 474,299 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Rackspace Technology by 23.7% in the second quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock valued at $3,991,000 after buying an additional 256,900 shares in the last quarter. GSA Capital Partners LLP purchased a new position in Rackspace Technology in the third quarter valued at about $412,000. Jane Street Group LLC lifted its position in shares of Rackspace Technology by 27.4% during the 3rd quarter. Jane Street Group LLC now owns 773,454 shares of the company’s stock valued at $1,895,000 after acquiring an additional 166,528 shares during the period. Finally, Sargent Investment Group LLC boosted its stake in shares of Rackspace Technology by 86.9% during the 2nd quarter. Sargent Investment Group LLC now owns 215,100 shares of the company’s stock worth $641,000 after acquiring an additional 100,000 shares in the last quarter. 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.