Barclays Forecasts Strong Price Appreciation for Rackspace Technology (NASDAQ:RXT) Stock

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

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

Rackspace Technology Stock Up 1.4 %

NASDAQ RXT opened at $2.46 on Monday. Rackspace Technology has a fifty-two week low of $1.22 and a fifty-two week high of $3.41. The business has a fifty day moving average of $2.55 and a 200-day moving average of $2.40. The stock has a market cap of $558.68 million, a price-to-earnings ratio of -0.70 and a beta of 1.97.

Rackspace Technology (NASDAQ:RXT) last announced its earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.03. The firm had revenue of $675.80 million during the quarter, compared to analyst estimates of $675.14 million. During the same period in the previous year, the firm posted ($0.04) EPS. The company’s revenue for the quarter was down 7.7% compared to the same quarter last year. As a group, analysts anticipate that Rackspace Technology will post -0.27 EPS for the current year.

Insider Activity at Rackspace Technology

In related news, CEO Amar Maletira sold 82,552 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $2.37, for a total value of $195,648.24. Following the transaction, the chief executive officer now directly owns 4,983,984 shares of the company’s stock, valued at approximately $11,812,042.08. This trade represents a 1.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders sold 219,581 shares of company stock worth $523,604. 2.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rackspace Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in RXT. Mitsubishi UFJ Trust & Banking Corp grew its holdings in shares of Rackspace Technology by 98.2% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock worth $51,000 after purchasing an additional 16,484 shares during the period. Public Employees Retirement System of Ohio increased its position in shares of Rackspace Technology by 30.1% in the first quarter. Public Employees Retirement System of Ohio now owns 133,484 shares of the company’s stock worth $211,000 after acquiring an additional 30,916 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Rackspace Technology by 17.1% in the second quarter. Bank of New York Mellon Corp now owns 222,778 shares of the company’s stock worth $664,000 after acquiring an additional 32,468 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Rackspace Technology in the 2nd quarter valued at $40,000. Finally, ClariVest Asset Management LLC lifted its holdings in shares of Rackspace Technology by 2.8% during the 2nd quarter. ClariVest Asset Management LLC now owns 379,721 shares of the company’s stock valued at $1,132,000 after acquiring an additional 10,281 shares in the last quarter. 82.48% of the stock is currently owned by institutional investors and hedge funds.

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.