Rackspace Technology (NASDAQ:RXT) Stock Price Up 6.8% – Still a Buy?

Rackspace Technology, Inc. (NASDAQ:RXT) traded up 6.8% during mid-day trading on Wednesday . The stock traded as high as $2.82 and last traded at $2.81. 276,878 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 1,141,568 shares. The stock had previously closed at $2.63.

Analysts Set New Price Targets

Separately, UBS Group lifted their price objective on Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a research note on Friday, August 16th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $2.15.

Rackspace Technology Stock Performance

The stock has a market cap of $626.78 million, a P/E ratio of -0.71 and a beta of 1.98. The stock has a fifty day simple moving average of $2.34 and a 200-day simple moving average of $2.21.

Rackspace Technology (NASDAQ:RXT) last released its earnings results on Thursday, August 8th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.03. The company had revenue of $684.90 million for the quarter, compared to the consensus estimate of $669.10 million. On average, research analysts anticipate that Rackspace Technology, Inc. will post -0.32 earnings per share for the current year.

Insider Buying and Selling at Rackspace Technology

In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $2.36, for a total transaction of $352,227.64. Following the completion of the sale, the executive vice president now owns 2,466,593 shares of the company’s stock, valued at $5,821,159.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Amar Maletira sold 52,206 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $2.35, for a total transaction of $122,684.10. Following the transaction, the chief executive officer now owns 5,347,434 shares in the company, valued at approximately $12,566,469.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Dharmendra Kumar Sinha sold 149,249 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $2.36, for a total transaction of $352,227.64. Following the completion of the transaction, the executive vice president now owns 2,466,593 shares in the company, valued at $5,821,159.48. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 376,570 shares of company stock worth $894,330 over the last 90 days. Company insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Rackspace Technology

Institutional investors have recently made changes to their positions in the stock. Susquehanna Fundamental Investments LLC acquired a new stake in Rackspace Technology during the first quarter worth about $35,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Rackspace Technology during the 2nd quarter worth approximately $40,000. Mitsubishi UFJ Trust & Banking Corp raised its position in Rackspace Technology by 98.2% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock valued at $51,000 after purchasing an additional 16,484 shares in the last quarter. SG Americas Securities LLC lifted its stake in Rackspace Technology by 64.7% during the third quarter. SG Americas Securities LLC now owns 34,467 shares of the company’s stock worth $84,000 after purchasing an additional 13,543 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Rackspace Technology by 44.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock valued at $89,000 after purchasing an additional 9,275 shares in the last quarter. 82.48% of the stock is currently owned by 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.