Rackspace Technology, Inc. (NASDAQ:RXT) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC lessened its position in shares of Rackspace Technology, Inc. (NASDAQ:RXT) by 0.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,673,058 shares of the company’s stock after selling 12,637 shares during the period. Geode Capital Management LLC owned about 0.74% of Rackspace Technology worth $4,100,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Creative Planning acquired a new stake in shares of Rackspace Technology during the third quarter worth $29,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Rackspace Technology in the 2nd quarter worth approximately $40,000. US Bancorp DE boosted its position in Rackspace Technology by 10,766.2% during the 3rd 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 during the period. Intech Investment Management LLC bought a new position in Rackspace Technology during the 3rd quarter worth $50,000. Finally, FMR LLC increased its position in Rackspace Technology by 437.5% in the third quarter. FMR LLC now owns 31,154 shares of the company’s stock worth $76,000 after buying an additional 25,358 shares during the period. Institutional investors and hedge funds own 82.48% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Barclays boosted their price target on shares of Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Rackspace Technology currently has an average rating of “Hold” and a consensus price target of $2.47.

Insider Buying and Selling

In other news, CTO Srini Koushik sold 19,470 shares of the firm’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $2.67, for a total transaction of $51,984.90. Following the completion of the sale, the chief technology officer now directly owns 1,026,279 shares of the company’s stock, valued at $2,740,164.93. This trade represents a 1.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Dharmendra Kumar Sinha sold 23,357 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $2.54, for a total value of $59,326.78. Following the sale, the executive vice president now owns 2,311,309 shares in the company, valued at approximately $5,870,724.86. The trade was a 1.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 194,864 shares of company stock valued at $508,997 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

Rackspace Technology Price Performance

Shares of Rackspace Technology stock opened at $2.25 on Monday. Rackspace Technology, Inc. has a 1-year low of $1.45 and a 1-year high of $3.41. The business’s fifty day moving average price is $2.48 and its two-hundred day moving average price is $2.48. The company has a market capitalization of $512.03 million, a P/E ratio of -0.64 and a beta of 2.02.

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 the consensus estimate of ($0.07) by $0.03. The company 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% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.04) EPS. On average, research analysts expect that Rackspace Technology, Inc. will post -0.27 earnings per share for the current fiscal year.

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.