Jane Street Group LLC Purchases 166,528 Shares of Rackspace Technology, Inc. (NASDAQ:RXT)

Jane Street Group LLC boosted its position in Rackspace Technology, Inc. (NASDAQ:RXT) by 27.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 773,454 shares of the company’s stock after purchasing an additional 166,528 shares during the quarter. Jane Street Group LLC owned about 0.34% of Rackspace Technology worth $1,895,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in RXT. Creative Planning bought a new position in shares of Rackspace Technology in the 3rd quarter valued at $29,000. Allspring Global Investments Holdings LLC bought a new position in shares of Rackspace Technology in the second quarter valued at approximately $40,000. US Bancorp DE increased its position in Rackspace Technology by 10,766.2% in the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock worth $40,000 after buying an additional 16,257 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of Rackspace Technology in the third quarter valued at $50,000. Finally, FMR LLC boosted its holdings in Rackspace Technology by 437.5% in the 3rd quarter. FMR LLC now owns 31,154 shares of the company’s stock valued at $76,000 after purchasing an additional 25,358 shares during the period. Institutional investors and hedge funds own 82.48% of the company’s stock.

Insider Activity

In related news, EVP Dharmendra Kumar Sinha sold 88,548 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $2.67, for a total transaction of $236,423.16. Following the completion of the transaction, the executive vice president now directly owns 2,334,166 shares of the company’s stock, valued at approximately $6,232,223.22. This trade represents a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Anthony C. Roberts bought 19,455 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average price of $2.60 per share, for a total transaction of $50,583.00. Following the completion of the transaction, the director now directly owns 161,930 shares in the company, valued at approximately $421,018. This represents a 13.66 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 362,239 shares of company stock valued at $909,917 over the last three months. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

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

Rackspace Technology Trading Up 2.3 %

RXT stock opened at $2.22 on Wednesday. Rackspace Technology, Inc. has a 12-month low of $1.45 and a 12-month high of $3.41. The firm’s 50-day moving average price is $2.54 and its two-hundred day moving average price is $2.49. The stock has a market capitalization of $505.20 million, a price-to-earnings ratio of -0.64 and a beta of 1.99.

Rackspace Technology (NASDAQ:RXT) last announced 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 business had revenue of $675.80 million during the quarter, compared to analysts’ expectations of $675.14 million. Rackspace Technology’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.04) EPS. Equities analysts predict 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.