Rackspace Technology (NASDAQ:RXT) Shares Down 4.6% – What’s Next?

Rackspace Technology, Inc. (NASDAQ:RXT) shares were down 4.6% during trading on Wednesday . The stock traded as low as $2.24 and last traded at $2.26. Approximately 178,207 shares changed hands during trading, a decline of 84% from the average daily volume of 1,102,356 shares. The stock had previously closed at $2.37.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on RXT shares. Barclays lifted their price objective on Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a research note on Monday. UBS Group boosted their price target on shares of Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a research note on Friday, August 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $2.47.

Rackspace Technology Trading Up 2.6 %

The firm has a market capitalization of $541.62 million, a PE ratio of -0.68 and a beta of 1.97. The company has a fifty day moving average price of $2.55 and a two-hundred day moving average price of $2.41.

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

Insiders Place Their Bets

In other news, CEO Amar Maletira sold 82,552 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 4,983,984 shares in the company, valued at $11,812,042.08. This represents a 1.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rackspace Technology

Several institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC boosted its stake in shares of Rackspace Technology by 23.7% during the 2nd quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock worth $3,991,000 after acquiring an additional 256,900 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in 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 valued at $211,000 after purchasing an additional 30,916 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Rackspace Technology by 98.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock valued at $51,000 after buying an additional 16,484 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Rackspace Technology in the second quarter valued at $40,000. Finally, Creative Planning acquired a new position in shares of Rackspace Technology during the 3rd quarter worth $29,000. 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.