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 issued on Friday.

Several other research analysts have also commented on the company. Raymond James Financial reissued a "market perform" rating on shares of Rackspace Technology in a report on Monday, June 2nd. Barclays dropped their target price on Rackspace Technology from $2.00 to $1.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. Royal Bank Of Canada dropped their target price on Rackspace Technology from $3.00 to $2.00 and set a "sector perform" rating for the company in a research report on Monday, May 12th. Finally, UBS Group dropped their target price on Rackspace Technology from $2.95 to $1.90 and set a "neutral" rating for the company in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating and four have given a hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $1.63.

Rackspace Technology Stock Down 1.5%

Shares of NASDAQ RXT traded down $0.02 during midday trading on Friday, hitting $1.28. 834,142 shares of the company's stock were exchanged, compared to its average volume of 938,124. Rackspace Technology has a 12-month low of $1.00 and a 12-month high of $3.41. The business's fifty day moving average price is $1.26 and its two-hundred day moving average price is $1.88.

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

Institutional Trading of Rackspace Technology

Hedge funds have recently bought and sold shares of the company. Cerity Partners LLC bought a new stake in Rackspace Technology in the 1st quarter worth approximately $26,000. Balyasny Asset Management L.P. bought a new stake in Rackspace Technology in the fourth quarter valued at approximately $36,000. MetLife Investment Management LLC lifted its position in Rackspace Technology by 89.4% in the fourth quarter. MetLife Investment Management LLC now owns 17,539 shares of the company's stock valued at $39,000 after purchasing an additional 8,281 shares during the last quarter. ProShare Advisors LLC lifted its position in Rackspace Technology by 50.6% in the fourth quarter. ProShare Advisors LLC now owns 19,030 shares of the company's stock valued at $42,000 after purchasing an additional 6,398 shares during the last quarter. Finally, Aquatic Capital Management LLC bought a new stake in Rackspace Technology in the fourth quarter valued at approximately $45,000. 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.