Rackspace Technology (NASDAQ:RXT) Given Market Perform Rating at Raymond James

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

RXT has been the topic of a number of other research reports. UBS Group cut their price objective on shares of Rackspace Technology from $2.95 to $1.90 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Barclays cut their price objective on shares of Rackspace Technology from $2.00 to $1.00 and set an "underweight" rating on the stock in a 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 report on Monday, May 12th.

Rackspace Technology Price Performance

NASDAQ:RXT remained flat at $1.03 on Monday. 1,287,169 shares of the company's stock were exchanged, compared to its average volume of 935,770. The business has a 50-day simple moving average of $1.35 and a two-hundred day simple moving average of $2.05. The stock has a market cap of $244.51 million, a price-to-earnings ratio of -0.27 and a beta of 2.04. Rackspace Technology has a one year low of $1.00 and a one year high of $3.41.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.02. The company had revenue of $665.40 million for the quarter, compared to analysts' expectations of $657.98 million. During the same quarter in the previous year, the business posted ($0.11) earnings per share. The business's quarterly revenue was down 3.7% compared to the same quarter last year.

Insider Transactions at Rackspace Technology

In other news, CEO Amar Maletira sold 521,840 shares of the company's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $1.87, for a total transaction of $975,840.80. Following the completion of the transaction, the chief executive officer now directly owns 4,368,328 shares in the company, valued at $8,168,773.36. The trade was a 10.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark A. Marino sold 20,217 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $1.87, for a total value of $37,805.79. Following the sale, the chief financial officer now owns 1,917,446 shares in the company, valued at $3,585,624.02. The trade was a 1.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 792,403 shares of company stock worth $1,481,794 in the last three months. Company insiders own 2.90% of the company's stock.

Hedge Funds Weigh In On Rackspace Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RXT. Cerity Partners LLC purchased a new position in shares of Rackspace Technology during the first quarter valued at about $26,000. Balyasny Asset Management L.P. purchased a new position in Rackspace Technology during the fourth quarter valued at $36,000. MetLife Investment Management LLC lifted its stake in Rackspace Technology by 89.4% in the 4th quarter. MetLife Investment Management LLC now owns 17,539 shares of the company's stock worth $39,000 after purchasing an additional 8,281 shares in the last quarter. Jump Financial LLC acquired a new stake in Rackspace Technology in the 1st quarter valued at approximately $40,000. Finally, ProShare Advisors LLC lifted its position in shares of Rackspace Technology by 50.6% during the 4th quarter. ProShare Advisors LLC now owns 19,030 shares of the company's stock worth $42,000 after purchasing an additional 6,398 shares during the last quarter. 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.