Rackspace Technology (NASDAQ:RXT) Given New $1.90 Price Target at UBS Group

Rackspace Technology (NASDAQ:RXT) had its target price trimmed by UBS Group from $2.95 to $1.90 in a research report report published on Friday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

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

Rackspace Technology Stock Down 13.2 %

Shares of NASDAQ RXT opened at $1.25 on Friday. The firm has a market cap of $296.74 million, a P/E ratio of -0.32 and a beta of 2.14. Rackspace Technology has a twelve month low of $1.24 and a twelve month high of $3.41. The company has a 50 day moving average of $1.61 and a 200 day moving average of $2.21.

Rackspace Technology (NASDAQ:RXT) last announced 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 business had revenue of $665.40 million for the quarter, compared to the consensus estimate of $657.98 million. During the same period in the previous year, the company earned ($0.11) earnings per share. The company’s revenue for the quarter was down 3.7% compared to the same quarter last year.

Insiders Place Their Bets

In other news, CFO Mark A. Marino sold 202,230 shares of the business’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $2.61, for a total transaction of $527,820.30. Following the completion of the sale, the chief financial officer now owns 1,713,126 shares of the company’s stock, valued at $4,471,258.86. The trade was a 10.56 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Amar Maletira sold 521,840 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $1.87, for a total value of $975,840.80. Following the completion of the transaction, the chief executive officer now directly owns 4,368,328 shares in the company, valued at approximately $8,168,773.36. This represents a 10.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,154,204 shares of company stock valued at $2,384,960. Insiders own 2.00% of the company’s stock.

Institutional Trading of Rackspace Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. XTX Topco Ltd increased its holdings in Rackspace Technology by 234.1% in the 1st quarter. XTX Topco Ltd now owns 35,439 shares of the company’s stock worth $60,000 after acquiring an additional 24,833 shares in the last quarter. Cerity Partners LLC bought a new position in Rackspace Technology in the 1st quarter worth $26,000. Bank of New York Mellon Corp increased its stake in Rackspace Technology by 4.7% in the 1st quarter. Bank of New York Mellon Corp now owns 179,092 shares of the company’s stock worth $303,000 after buying an additional 8,075 shares in the last quarter. Two Sigma Advisers LP raised its holdings in Rackspace Technology by 243.1% during the fourth quarter. Two Sigma Advisers LP now owns 264,200 shares of the company’s stock valued at $584,000 after acquiring an additional 187,200 shares during the period. Finally, Two Sigma Investments LP grew its position in shares of Rackspace Technology by 1,692.6% during the fourth quarter. Two Sigma Investments LP now owns 406,621 shares of the company’s stock worth $899,000 after purchasing an additional 383,938 shares in the last quarter. Hedge funds and other institutional investors own 82.48% of the company’s stock.

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.