US Bancorp DE Raises Stock Holdings in Rackspace Technology, Inc. (NASDAQ:RXT)

US Bancorp DE grew its stake in shares of Rackspace Technology, Inc. (NASDAQ:RXT) by 10,766.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,408 shares of the company’s stock after buying an additional 16,257 shares during the period. US Bancorp DE’s holdings in Rackspace Technology were worth $40,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. The Manufacturers Life Insurance Company raised its stake in Rackspace Technology by 44.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock worth $89,000 after acquiring an additional 9,275 shares during the period. ClariVest Asset Management LLC increased its stake in shares of Rackspace Technology by 2.8% in 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. Creative Planning bought a new stake in shares of Rackspace Technology during the 3rd quarter valued at $29,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Rackspace Technology during the 2nd quarter valued at $40,000. Finally, SG Americas Securities LLC lifted its stake in shares of Rackspace Technology by 64.7% during the 3rd quarter. SG Americas Securities LLC now owns 34,467 shares of the company’s stock valued at $84,000 after buying an additional 13,543 shares in the last quarter. 82.48% of the stock is owned by hedge funds and other institutional investors.

Rackspace Technology Stock Performance

Shares of RXT opened at $2.46 on Tuesday. Rackspace Technology, Inc. has a fifty-two week low of $1.22 and a fifty-two week high of $3.41. The company’s fifty day moving average is $2.55 and its 200 day moving average is $2.40. The stock has a market capitalization of $558.68 million, a PE ratio of -0.70 and a beta of 1.97.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.03. The firm had revenue of $675.80 million during the quarter, compared to analysts’ expectations of $675.14 million. The business’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same period last year, the company earned ($0.04) earnings per share. As a group, research analysts forecast that Rackspace Technology, Inc. will post -0.27 earnings per share for the current year.

Analyst Ratings Changes

RXT has been the topic of a number of recent analyst reports. Barclays raised their price target on Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a report on Monday. UBS Group lifted their target price 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 issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $2.29.

Insiders Place Their Bets

In other news, CEO Amar Maletira sold 84,823 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $2.42, for a total value of $205,271.66. Following the completion of the sale, the chief executive officer now owns 5,158,399 shares of the company’s stock, valued at $12,483,325.58. This represents a 1.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders sold 219,581 shares of company stock worth $523,604. Company insiders own 2.00% 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.