BMO Capital Markets Lowers Rackspace Technology (NASDAQ:RXT) Price Target to $1.40

Rackspace Technology (NASDAQ:RXT) had its target price trimmed by BMO Capital Markets from $1.75 to $1.40 in a research report released on Tuesday,Benzinga reports. The brokerage currently has a market perform rating on the stock.

Several other analysts have also weighed in on RXT. Wall Street Zen lowered Rackspace Technology from a “hold” rating to a “sell” rating in a report on Saturday. Barclays lowered their target price on Rackspace Technology from $2.00 to $1.00 and set an “underweight” rating on the stock in a report on Friday, April 25th. UBS Group lowered their target price on Rackspace Technology from $2.95 to $1.90 and set a “neutral” rating on the stock in a report on Friday, May 9th. Royal Bank Of Canada lowered their target price on Rackspace Technology from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Monday, May 12th. Finally, Raymond James Financial restated a “market perform” rating on shares of Rackspace Technology in a research report on Monday, June 2nd. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to data from MarketBeat, Rackspace Technology currently has an average rating of “Hold” and a consensus target price of $1.58.

Rackspace Technology Stock Performance

Rackspace Technology stock opened at $1.15 on Tuesday. The firm has a market capitalization of $273.00 million, a price-to-earnings ratio of -0.71 and a beta of 2.06. Rackspace Technology has a fifty-two week low of $1.00 and a fifty-two week high of $3.41. The stock’s fifty day moving average is $1.31 and its two-hundred day moving average is $1.66.

Rackspace Technology (NASDAQ:RXT) last posted its earnings results on Thursday, August 7th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The business had revenue of $666.30 million during the quarter, compared to the consensus estimate of $658.86 million. The business’s revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the business earned ($0.08) earnings per share.

Institutional Trading of Rackspace Technology

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Cerity Partners LLC purchased a new position in Rackspace Technology during the first quarter worth about $26,000. Balyasny Asset Management L.P. purchased a new position in Rackspace Technology during the fourth quarter worth about $36,000. MetLife Investment Management LLC lifted its position in Rackspace Technology by 89.4% during the fourth quarter. MetLife Investment Management LLC now owns 17,539 shares of the company’s stock worth $39,000 after buying an additional 8,281 shares during the period. ProShare Advisors LLC lifted its position in Rackspace Technology by 50.6% during the fourth quarter. ProShare Advisors LLC now owns 19,030 shares of the company’s stock worth $42,000 after buying an additional 6,398 shares during the period. Finally, Aquatic Capital Management LLC purchased a new position in Rackspace Technology during the fourth quarter worth about $45,000. 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.