20,294 Shares in Rackspace Technology, Inc. (NASDAQ:RXT) Purchased by Intech Investment Management LLC

Intech Investment Management LLC purchased a new position in shares of Rackspace Technology, Inc. (NASDAQ:RXT) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 20,294 shares of the company’s stock, valued at approximately $50,000.

Several other hedge funds and other institutional investors also recently modified their holdings of RXT. Renaissance Technologies LLC raised its stake in Rackspace Technology by 23.7% during the second 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. US Bancorp DE raised its stake in shares of Rackspace Technology by 10,766.2% during the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after purchasing an additional 16,257 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Rackspace Technology in the second quarter valued at approximately $40,000. Creative Planning bought a new position in Rackspace Technology during the 3rd quarter valued at $29,000. Finally, GSA Capital Partners LLP acquired a new position in Rackspace Technology during the third quarter worth about $412,000. Institutional investors own 82.48% of the company’s stock.

Insider Buying and Selling at Rackspace Technology

In other news, CTO Srini Koushik sold 19,470 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $2.67, for a total value of $51,984.90. Following the sale, the chief technology officer now directly owns 1,026,279 shares of the company’s stock, valued at approximately $2,740,164.93. This trade represents a 1.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Amar Maletira sold 82,552 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $2.37, for a total value of $195,648.24. Following the completion of the sale, the chief executive officer now directly owns 4,983,984 shares of the company’s stock, valued at $11,812,042.08. This represents a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 362,239 shares of company stock worth $909,917 over the last three months. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on RXT. Barclays increased their target price on shares of Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a research note on Monday, November 18th. UBS Group boosted their target price on shares of Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a research note on Friday, August 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $2.47.

Rackspace Technology Stock Up 0.4 %

RXT stock opened at $2.59 on Monday. The company has a 50 day moving average of $2.58 and a two-hundred day moving average of $2.46. The company has a market cap of $589.41 million, a price-to-earnings ratio of -0.74 and a beta of 1.99. Rackspace Technology, Inc. has a 12-month low of $1.38 and a 12-month high of $3.41.

Rackspace Technology (NASDAQ:RXT) last issued its earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.03. The firm had revenue of $675.80 million during the quarter, compared to analyst estimates of $675.14 million. The business’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.04) earnings per share. On average, research analysts anticipate that Rackspace Technology, Inc. will post -0.27 EPS for the current year.

Rackspace Technology 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.