Barclays PLC Purchases 50,896 Shares of Rackspace Technology, Inc. (NASDAQ:RXT)

Barclays PLC raised its position in Rackspace Technology, Inc. (NASDAQ:RXT) by 86.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 109,997 shares of the company’s stock after purchasing an additional 50,896 shares during the period. Barclays PLC’s holdings in Rackspace Technology were worth $270,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of RXT. Bank of New York Mellon Corp increased its holdings in shares of Rackspace Technology by 17.1% in the second quarter. Bank of New York Mellon Corp now owns 222,778 shares of the company’s stock worth $664,000 after acquiring an additional 32,468 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Rackspace Technology by 23.7% in the 2nd quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock valued at $3,991,000 after purchasing an additional 256,900 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Rackspace Technology by 44.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock valued at $89,000 after purchasing an additional 9,275 shares during the period. Susquehanna Fundamental Investments LLC increased its stake in Rackspace Technology by 143.7% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 53,506 shares of the company’s stock worth $159,000 after purchasing an additional 31,550 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in Rackspace Technology by 64.7% during the 3rd quarter. SG Americas Securities LLC now owns 34,467 shares of the company’s stock worth $84,000 after buying an additional 13,543 shares during the period. Institutional investors own 82.48% of the company’s stock.

Rackspace Technology Stock Performance

NASDAQ RXT opened at $2.47 on Tuesday. Rackspace Technology, Inc. has a 52 week low of $1.45 and a 52 week high of $3.41. The stock’s 50 day moving average price is $2.44 and its two-hundred day moving average price is $2.45. The stock has a market capitalization of $562.10 million, a price-to-earnings ratio of -0.71 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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. The business had revenue of $675.80 million during the quarter, compared to analyst estimates of $675.14 million. During the same quarter last year, the business earned ($0.04) earnings per share. Rackspace Technology’s revenue for the quarter was down 7.7% on a year-over-year basis. On average, equities research analysts forecast that Rackspace Technology, Inc. will post -0.27 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Barclays upped 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 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 company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $2.47.

Insider Buying and Selling

In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 88,548 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $2.67, for a total transaction of $236,423.16. Following the transaction, the executive vice president now owns 2,334,166 shares of the company’s stock, valued at $6,232,223.22. The trade was a 3.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Anthony C. Roberts acquired 19,455 shares of the company’s stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $2.60 per share, for a total transaction of $50,583.00. Following the purchase, the director now directly owns 161,930 shares of the company’s stock, valued at approximately $421,018. This trade represents a 13.66 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 194,864 shares of company stock worth $508,997. Corporate insiders own 2.00% of the company’s stock.

Rackspace Technology Company 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.