Rackspace Technology (NASDAQ:RXT) Given New $2.30 Price Target at UBS Group

Rackspace Technology (NASDAQ:RXT) had its price objective increased by research analysts at UBS Group from $2.10 to $2.30 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “neutral” rating on the stock. UBS Group’s target price points to a potential upside of 0.88% from the stock’s current price.

Rackspace Technology Price Performance

RXT stock traded up $0.07 during midday trading on Friday, hitting $2.28. The company’s stock had a trading volume of 120,076 shares, compared to its average volume of 1,270,267. The company’s fifty day moving average price is $2.49 and its 200 day moving average price is $2.05. Rackspace Technology has a twelve month low of $1.15 and a twelve month high of $3.18. The stock has a market capitalization of $510.38 million, a P/E ratio of -0.58 and a beta of 1.98.

Insider Transactions at Rackspace Technology

In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $2.36, for a total transaction of $352,227.64. Following the transaction, the executive vice president now owns 2,466,593 shares of the company’s stock, valued at $5,821,159.48. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.00% of the stock is owned by company insiders.

Institutional Trading of Rackspace Technology

Several hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its position in shares of Rackspace Technology by 35.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,535,746 shares of the company’s stock worth $5,071,000 after purchasing an additional 667,329 shares in the last quarter. CastleKnight Management LP bought a new stake in shares of Rackspace Technology in the fourth quarter valued at approximately $1,201,000. GSA Capital Partners LLP acquired a new stake in Rackspace Technology during the first quarter worth approximately $531,000. Renaissance Technologies LLC increased its stake in Rackspace Technology by 23.7% during the 2nd quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock worth $3,991,000 after acquiring an additional 256,900 shares during the period. Finally, Sargent Investment Group LLC raised its holdings in Rackspace Technology by 86.9% in the 2nd quarter. Sargent Investment Group LLC now owns 215,100 shares of the company’s stock valued at $641,000 after acquiring an additional 100,000 shares in the last quarter. 82.48% of the stock is owned by institutional investors and hedge funds.

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.