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

Rackspace Technology (NASDAQ:RXT) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

Several other equities analysts also recently commented on RXT. UBS Group lowered their target price on shares of Rackspace Technology from $2.95 to $1.90 and set a “neutral” rating on the stock 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 note on Friday, April 25th. Royal Bank Of Canada decreased their price target on shares of Rackspace Technology from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Monday, May 12th. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of Rackspace Technology in a research note on Monday, June 2nd. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $1.63.

Rackspace Technology Stock Performance

RXT stock opened at $1.21 on Friday. Rackspace Technology has a one year low of $1.00 and a one year high of $3.41. The company’s fifty day moving average price is $1.30 and its 200-day moving average price is $1.67. The company has a market capitalization of $287.24 million, a PE ratio of -0.75 and a beta of 2.06.

Rackspace Technology (NASDAQ:RXT) last released its earnings results on Thursday, August 7th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The firm had revenue of $666.30 million for the quarter, compared to analysts’ expectations of $658.86 million. During the same quarter in the previous year, the business earned ($0.08) earnings per share. The business’s quarterly revenue was down 2.7% on a year-over-year basis.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Cerity Partners LLC bought a new position in shares of Rackspace Technology in the first quarter worth about $26,000. Creative Planning grew its holdings in shares of Rackspace Technology by 114.2% in the second quarter. Creative Planning now owns 25,715 shares of the company’s stock worth $33,000 after purchasing an additional 13,708 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in shares of Rackspace Technology in the fourth quarter worth about $36,000. MetLife Investment Management LLC grew its holdings in shares of Rackspace Technology by 89.4% in the fourth 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 during the last quarter. Finally, Jump Financial LLC bought a new position in shares of Rackspace Technology in the first quarter worth about $40,000. Institutional investors own 82.48% of the company’s stock.

Rackspace Technology Company Profile

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.