SG Americas Securities LLC Has $125,000 Stake in Rackspace Technology, Inc. (NASDAQ:RXT)

SG Americas Securities LLC grew its position in Rackspace Technology, Inc. (NASDAQ:RXT) by 64.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 56,778 shares of the company’s stock after purchasing an additional 22,311 shares during the quarter. SG Americas Securities LLC’s holdings in Rackspace Technology were worth $125,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Franklin Resources Inc. acquired a new stake in Rackspace Technology during the third quarter worth approximately $443,000. Barclays PLC grew its position in Rackspace Technology by 86.1% during the third quarter. Barclays PLC now owns 109,997 shares of the company’s stock worth $270,000 after buying an additional 50,896 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in Rackspace Technology by 32.0% during the third quarter. Public Employees Retirement System of Ohio now owns 127,851 shares of the company’s stock worth $313,000 after buying an additional 30,983 shares in the last quarter. Jane Street Group LLC grew its position in Rackspace Technology by 27.4% during the third quarter. Jane Street Group LLC now owns 773,454 shares of the company’s stock worth $1,895,000 after buying an additional 166,528 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in Rackspace Technology during the third quarter worth approximately $135,000. Institutional investors and hedge funds own 82.48% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Rackspace Technology Price Performance

NASDAQ RXT opened at $2.89 on Wednesday. The business has a fifty day moving average price of $2.45 and a two-hundred day moving average price of $2.45. 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 capitalization of $657.67 million, a PE ratio of -0.83 and a beta of 2.04.

Rackspace Technology (NASDAQ:RXT) last released 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 business had revenue of $675.80 million for the quarter, compared to the consensus estimate of $675.14 million. During the same quarter in the previous year, the company earned ($0.04) earnings per share. The firm’s revenue for the quarter was down 7.7% on a year-over-year basis. As a group, sell-side analysts expect that Rackspace Technology, Inc. will post -0.27 earnings per share for the current year.

Insider Activity

In other news, EVP Dharmendra Kumar Sinha sold 88,548 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $2.67, for a total value of $236,423.16. Following the completion of the transaction, the executive vice president now directly owns 2,334,166 shares in the company, valued at approximately $6,232,223.22. This represents a 3.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark A. Marino sold 14,458 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $2.34, for a total value of $33,831.72. Following the transaction, the chief financial officer now directly owns 1,915,356 shares of the company’s stock, valued at approximately $4,481,933.04. This represents a 0.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 209,322 shares of company stock worth $542,829. 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.