JPMorgan Chase & Co. Sells 52,440 Shares of Rackspace Technology, Inc. (NASDAQ:RXT)

JPMorgan Chase & Co. trimmed its stake in Rackspace Technology, Inc. (NASDAQ:RXT) by 7.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 670,611 shares of the company’s stock after selling 52,440 shares during the quarter. JPMorgan Chase & Co. owned about 0.29% of Rackspace Technology worth $1,643,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of RXT. Creative Planning acquired a new stake in Rackspace Technology in the third quarter worth $29,000. US Bancorp DE grew its holdings 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 purchasing an additional 16,257 shares during the period. Intech Investment Management LLC acquired a new position in shares of Rackspace Technology during the third quarter valued at about $50,000. FMR LLC grew its holdings in shares of Rackspace Technology by 437.5% during the third quarter. FMR LLC now owns 31,154 shares of the company’s stock valued at $76,000 after buying an additional 25,358 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Rackspace Technology during the third quarter valued at about $81,000. 82.48% of the stock is currently owned by institutional investors and hedge funds.

Rackspace Technology Stock Performance

Rackspace Technology stock opened at $2.57 on Friday. Rackspace Technology, Inc. has a fifty-two week low of $1.45 and a fifty-two week high of $3.41. The stock has a market cap of $584.85 million, a PE ratio of -0.74 and a beta of 2.02. The firm’s 50-day simple moving average is $2.42 and its 200 day simple moving average is $2.44.

Rackspace Technology (NASDAQ:RXT) last released its quarterly 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 for the quarter, compared to analysts’ expectations of $675.14 million. The firm’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.04) earnings per share. As a group, analysts predict that Rackspace Technology, Inc. will post -0.27 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Barclays lifted their price objective 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 analyst has 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. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $2.47.

Insiders Place Their Bets

In other news, EVP Dharmendra Kumar Sinha sold 23,357 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were 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 of the company’s stock, valued at $5,870,724.86. The trade was a 1.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Anthony C. Roberts bought 19,455 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average cost of $2.60 per share, for a total transaction of $50,583.00. Following the acquisition, the director now directly owns 161,930 shares in the company, valued at $421,018. This trade represents a 13.66 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 194,864 shares of company stock valued at $508,997. 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.