Rackspace Technology (NASDAQ:RXT) Shares Down 4%

Rackspace Technology, Inc. (NASDAQ:RXT) shares fell 4% on Friday . The stock traded as low as $2.41 and last traded at $2.41. 190,119 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 1,210,405 shares. The stock had previously closed at $2.51.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Raymond James cut their price objective on shares of Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating for the company in a research report on Wednesday, March 13th. Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 price target on shares of Rackspace Technology in a research note on Wednesday, March 13th. BMO Capital Markets increased their price objective on Rackspace Technology from $1.50 to $2.50 and gave the stock a “market perform” rating in a research report on Wednesday, March 13th. Finally, Evercore ISI reduced their target price on shares of Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating for the company in a research report on Wednesday, March 13th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $2.31.

Rackspace Technology Stock Down 4.8 %

The stock has a market capitalization of $535.00 million, a price-to-earnings ratio of -0.60 and a beta of 1.87. The business’s 50 day simple moving average is $2.00 and its 200-day simple moving average is $1.85.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings data on Wednesday, May 15th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. The business had revenue of $690.80 million for the quarter, compared to analysts’ expectations of $684.21 million. Rackspace Technology had a negative net margin of 29.99% and a negative return on equity of 10.18%. The firm’s quarterly revenue was down 8.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.02) earnings per share. On average, analysts expect that Rackspace Technology, Inc. will post -0.38 earnings per share for the current year.

Insider Activity at Rackspace Technology

In related news, insider Kellie Teal-Guess sold 61,393 shares of Rackspace Technology stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $2.13, for a total transaction of $130,767.09. Following the sale, the insider now directly owns 909,775 shares of the company’s stock, valued at approximately $1,937,820.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is currently owned by insiders.

Institutional Trading of Rackspace Technology

Hedge funds have recently made changes to their positions in the company. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Rackspace Technology in the third quarter valued at about $2,416,000. Charles Schwab Investment Management Inc. increased its position in shares of Rackspace Technology by 35.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,535,746 shares of the company’s stock worth $5,071,000 after buying an additional 667,329 shares during the period. CastleKnight Management LP bought a new position in Rackspace Technology during the fourth quarter worth $1,201,000. GSA Capital Partners LLP acquired a new position in Rackspace Technology in the first quarter valued at $531,000. Finally, Russell Investments Group Ltd. bought a new stake in Rackspace Technology during the fourth quarter valued at $166,000. 82.48% of the stock is owned by institutional investors and hedge funds.

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.