Rackspace Technology (NASDAQ:RXT) Trading Up 5.7%

Rackspace Technology, Inc. (NASDAQ:RXT)’s stock price was up 5.7% during trading on Monday . The company traded as high as $2.96 and last traded at $2.95. Approximately 275,413 shares were traded during trading, a decline of 77% from the average daily volume of 1,217,800 shares. The stock had previously closed at $2.79.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. BMO Capital Markets lifted their target price on shares of Rackspace Technology from $1.50 to $2.50 and gave the stock a “market perform” rating in a research report on Wednesday, March 13th. Royal Bank of Canada reiterated a “sector perform” rating and set a $3.00 price target on shares of Rackspace Technology in a research note on Wednesday, March 13th. Evercore ISI dropped their price target on shares of Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating on the stock in a research note on Wednesday, March 13th. Finally, Raymond James dropped their price target on shares of Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 13th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $2.31.

Rackspace Technology Stock Down 7.1 %

The stock’s 50 day moving average price is $2.29 and its two-hundred day moving average price is $1.95. The stock has a market cap of $613.35 million, a price-to-earnings ratio of -0.69 and a beta of 1.98.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings results on Wednesday, May 15th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.02. The business had revenue of $690.80 million during the quarter, compared to analysts’ expectations of $684.21 million. The business’s quarterly revenue was down 8.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.02) earnings per share. On average, analysts predict that Rackspace Technology, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

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 value of $130,767.09. Following the completion of the transaction, the insider now owns 909,775 shares in the company, valued at $1,937,820.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RXT. Charles Schwab Investment Management Inc. lifted its position in shares of Rackspace Technology by 35.7% during the 4th 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 last quarter. Federated Hermes Inc. increased its holdings in shares of Rackspace Technology by 2.1% in the 4th quarter. Federated Hermes Inc. now owns 757,609 shares of the company’s stock valued at $1,515,000 after acquiring an additional 15,803 shares during the period. CastleKnight Management LP acquired a new position in shares of Rackspace Technology in the 4th quarter valued at $1,201,000. GSA Capital Partners LLP acquired a new position in shares of Rackspace Technology in the 1st quarter valued at $531,000. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of Rackspace Technology by 30.1% in the 1st quarter. Public Employees Retirement System of Ohio now owns 133,484 shares of the company’s stock valued at $211,000 after acquiring an additional 30,916 shares during the period. Hedge funds and other institutional investors own 82.48% of the company’s stock.

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.