Rackspace Technology (NASDAQ:RXT) Price Target Lowered to $1.00 at Barclays

Rackspace Technology (NASDAQ:RXT - Get Free Report) had its price target reduced by research analysts at Barclays from $2.00 to $1.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an "underweight" rating on the stock. Barclays's price objective points to a potential downside of 25.09% from the company's current price.

Rackspace Technology Price Performance

Shares of NASDAQ RXT traded down $0.06 on Friday, hitting $1.34. The company's stock had a trading volume of 254,865 shares, compared to its average volume of 934,554. Rackspace Technology has a 12-month low of $1.24 and a 12-month high of $3.41. The company has a market capitalization of $316.80 million, a price-to-earnings ratio of -0.34 and a beta of 2.12. The stock has a 50 day moving average of $1.79 and a 200-day moving average of $2.28.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.02. The business had revenue of $685.60 million during the quarter, compared to analysts' expectations of $674.85 million.

Insider Activity

In related news, CEO Amar Maletira sold 521,840 shares of the company'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 $975,840.80. Following the completion of the transaction, the chief executive officer now owns 4,368,328 shares of the company's stock, valued at approximately $8,168,773.36. This represents a 10.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Srini Koushik sold 73,972 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 $138,327.64. Following the transaction, the insider now directly owns 935,114 shares of the company's stock, valued at $1,748,663.18. This trade represents a 7.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,154,204 shares of company stock valued at $2,384,960 over the last 90 days. Insiders own 2.00% of the company's stock.

Institutional Investors Weigh In On Rackspace Technology

Several large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp increased its position in shares of Rackspace Technology by 4.7% in the first quarter. Bank of New York Mellon Corp now owns 179,092 shares of the company's stock worth $303,000 after acquiring an additional 8,075 shares in the last quarter. Two Sigma Advisers LP increased its position in shares of Rackspace Technology by 243.1% in the fourth quarter. Two Sigma Advisers LP now owns 264,200 shares of the company's stock worth $584,000 after acquiring an additional 187,200 shares in the last quarter. Two Sigma Investments LP increased its position in shares of Rackspace Technology by 1,692.6% in the fourth quarter. Two Sigma Investments LP now owns 406,621 shares of the company's stock worth $899,000 after acquiring an additional 383,938 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Rackspace Technology by 50.6% in the fourth quarter. ProShare Advisors LLC now owns 19,030 shares of the company's stock worth $42,000 after acquiring an additional 6,398 shares in the last quarter. Finally, Millennium Management LLC increased its position in shares of Rackspace Technology by 38.0% in the fourth quarter. Millennium Management LLC now owns 490,994 shares of the company's stock worth $1,085,000 after acquiring an additional 135,140 shares in the last quarter. Institutional investors and hedge funds 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.