The Manufacturers Life Insurance Company Buys 9,275 Shares of Rackspace Technology, Inc. (NASDAQ:RXT)

The Manufacturers Life Insurance Company grew its position in Rackspace Technology, Inc. (NASDAQ:RXT) by 44.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,019 shares of the company’s stock after buying an additional 9,275 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Rackspace Technology were worth $89,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Sargent Investment Group LLC increased its holdings in shares of 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 during the period. Renaissance Technologies LLC boosted its stake in Rackspace Technology by 23.7% in the second quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock valued at $3,991,000 after acquiring an additional 256,900 shares in the last quarter. ClariVest Asset Management LLC increased its position in shares of Rackspace Technology by 2.8% during the second quarter. ClariVest Asset Management LLC now owns 379,721 shares of the company’s stock worth $1,132,000 after purchasing an additional 10,281 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Rackspace Technology during the 2nd quarter valued at $40,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Rackspace Technology by 17.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 222,778 shares of the company’s stock worth $664,000 after purchasing an additional 32,468 shares in the last quarter. Hedge funds and other institutional investors own 82.48% of the company’s stock.

Insider Activity

In other news, EVP Dharmendra Kumar Sinha sold 149,249 shares of Rackspace Technology stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $2.36, for a total value of $352,227.64. Following the sale, the executive vice president now owns 2,466,593 shares in the company, valued at $5,821,159.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Rackspace Technology news, CEO Amar Maletira sold 82,552 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $2.37, for a total value of $195,648.24. Following the transaction, the chief executive officer now owns 4,983,984 shares in the company, valued at approximately $11,812,042.08. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Dharmendra Kumar Sinha sold 149,249 shares of the company’s stock in a transaction 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 sale, the executive vice president now directly owns 2,466,593 shares of the company’s stock, valued at $5,821,159.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 376,570 shares of company stock worth $894,330 over the last three months. 2.00% of the stock is currently owned by corporate insiders.

Rackspace Technology Price Performance

RXT opened at $2.60 on Monday. The firm has a fifty day moving average price of $2.43 and a 200 day moving average price of $2.27. Rackspace Technology, Inc. has a 1 year low of $1.15 and a 1 year high of $3.18. The stock has a market cap of $587.68 million, a P/E ratio of -0.70 and a beta of 1.98.

Rackspace Technology (NASDAQ:RXT) last posted its earnings results on Thursday, August 8th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.03. The firm had revenue of $684.90 million for the quarter, compared to analysts’ expectations of $669.10 million. Equities analysts expect that Rackspace Technology, Inc. will post -0.32 EPS for the current year.

Wall Street Analyst Weigh In

Separately, UBS Group increased their price target on Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a research note on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $2.15.

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.