Raymond James Reaffirms "Market Perform" Rating for Rackspace Technology (NASDAQ:RXT)

Rackspace Technology (NASDAQ:RXT - Get Free Report)'s stock had its "market perform" rating reissued by research analysts at Raymond James in a research report issued on Monday, Marketbeat Ratings reports.

RXT has been the subject of a number of other reports. UBS Group cut their price target on Rackspace Technology from $2.95 to $1.90 and set a "neutral" rating for the company in a report on Friday, May 9th. Barclays decreased their price target on shares of Rackspace Technology from $2.00 to $1.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Finally, Royal Bank of Canada reduced their target price on shares of Rackspace Technology from $3.00 to $2.00 and set a "sector perform" rating for the company in a research note on Monday, May 12th.

Rackspace Technology Trading Down 0.4%

Shares of Rackspace Technology stock traded down $0.01 during trading hours on Monday, reaching $1.18. The stock had a trading volume of 635,447 shares, compared to its average volume of 934,926. The firm has a market capitalization of $278.93 million, a price-to-earnings ratio of -0.30 and a beta of 2.04. Rackspace Technology has a 1 year low of $1.00 and a 1 year high of $3.41. The firm has a 50 day simple moving average of $1.32 and a two-hundred day simple moving average of $2.04.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates of ($0.08) by $0.02. The firm had revenue of $665.40 million during the quarter, compared to the consensus estimate of $657.98 million. During the same period in the prior year, the firm posted ($0.11) EPS. The firm's quarterly revenue was down 3.7% on a year-over-year basis.

Insider Transactions at Rackspace Technology

In other news, insider Srini Koushik sold 73,972 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $1.87, for a total transaction of $138,327.64. Following the completion of the sale, the insider now owns 935,114 shares of the company's stock, valued at approximately $1,748,663.18. This trade represents a 7.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Mark A. Marino sold 20,217 shares of Rackspace Technology stock in a transaction on Monday, March 17th. The shares were sold at an average price of $1.87, for a total value of $37,805.79. Following the completion of the transaction, the chief financial officer now owns 1,917,446 shares of the company's stock, valued at approximately $3,585,624.02. The trade was a 1.04% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 792,403 shares of company stock valued at $1,481,794. Corporate insiders own 2.90% of the company's stock.

Hedge Funds Weigh In On Rackspace Technology

A number of institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. lifted its holdings in Rackspace Technology by 4,053.5% during the 1st quarter. Russell Investments Group Ltd. now owns 846,112 shares of the company's stock worth $1,430,000 after buying an additional 825,741 shares in the last quarter. Raymond James Financial Inc. bought a new position in Rackspace Technology during the fourth quarter worth about $855,000. Two Sigma Investments LP boosted its stake in Rackspace Technology by 1,692.6% in the 4th 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 during the period. Jacobs Levy Equity Management Inc. lifted its stake in Rackspace Technology by 42.4% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,255,023 shares of the company's stock valued at $2,121,000 after acquiring an additional 373,875 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in Rackspace Technology by 24.0% in the fourth quarter. Renaissance Technologies LLC now owns 1,929,127 shares of the company's stock valued at $4,263,000 after purchasing an additional 373,627 shares in the last quarter. 82.48% of the stock is 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.