Rackspace Technology (NASDAQ:RXT) Stock Rating Upgraded by Wall Street Zen

Rackspace Technology (NASDAQ:RXT - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Friday.

Several other research firms have also commented on RXT. UBS Group reduced their price target 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. Royal Bank Of Canada cut their target price on 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. Raymond James Financial restated a "market perform" rating on shares of Rackspace Technology in a research report on Monday, June 2nd. Finally, Barclays lowered their price target on Rackspace Technology from $2.00 to $1.00 and set an "underweight" rating for the company in a report on Friday, April 25th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat, Rackspace Technology currently has a consensus rating of "Hold" and an average price target of $1.63.

Rackspace Technology Stock Performance

Shares of RXT stock traded up $0.03 during trading hours on Friday, reaching $1.30. The company had a trading volume of 3,733,613 shares, compared to its average volume of 944,793. The stock has a fifty day moving average of $1.26 and a 200-day moving average of $1.89. The company has a market capitalization of $308.61 million, a price-to-earnings ratio of -1.02 and a beta of 2.04. Rackspace Technology has a 12-month low of $1.00 and a 12-month high of $3.41.

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

Institutional Trading of Rackspace Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its position in Rackspace Technology by 0.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 595,860 shares of the company's stock valued at $1,317,000 after acquiring an additional 5,136 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Rackspace Technology in the fourth quarter valued at approximately $855,000. Quantbot Technologies LP acquired a new position in shares of Rackspace Technology in the fourth quarter valued at approximately $57,000. Prudential Financial Inc. purchased a new stake in Rackspace Technology during the 4th quarter worth approximately $715,000. Finally, JPMorgan Chase & Co. lifted its holdings in Rackspace Technology by 24.8% during the 4th quarter. JPMorgan Chase & Co. now owns 837,139 shares of the company's stock worth $1,850,000 after buying an additional 166,528 shares in the last quarter. 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.