Raymond James Financial Inc. Invests $855,000 in Rackspace Technology, Inc. (NASDAQ:RXT)

Raymond James Financial Inc. acquired a new stake in Rackspace Technology, Inc. (NASDAQ:RXT) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 386,965 shares of the company’s stock, valued at approximately $855,000. Raymond James Financial Inc. owned about 0.17% of Rackspace Technology at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Intech Investment Management LLC purchased a new position in shares of Rackspace Technology during the 3rd quarter worth approximately $50,000. FMR LLC grew its holdings in Rackspace Technology by 437.5% during the third quarter. FMR LLC now owns 31,154 shares of the company’s stock worth $76,000 after acquiring an additional 25,358 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in Rackspace Technology in the third quarter worth $81,000. Empower Advisory Group LLC acquired a new stake in Rackspace Technology in the fourth quarter valued at $85,000. Finally, SG Americas Securities LLC boosted its position in shares of Rackspace Technology by 64.7% during the 4th quarter. SG Americas Securities LLC now owns 56,778 shares of the company’s stock worth $125,000 after purchasing an additional 22,311 shares in the last quarter. 82.48% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Mark A. Marino sold 14,458 shares of Rackspace Technology stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $2.34, for a total transaction of $33,831.72. Following the completion of the transaction, the chief financial officer now directly owns 1,915,356 shares in the company, valued at $4,481,933.04. The trade was a 0.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Amar Maletira sold 521,840 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $1.87, for a total value of $975,840.80. Following the sale, the chief executive officer now owns 4,368,328 shares in the company, valued at approximately $8,168,773.36. This trade represents a 10.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,168,662 shares of company stock worth $2,418,792 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Rackspace Technology Stock Down 6.8 %

NASDAQ:RXT opened at $1.45 on Friday. The firm’s fifty day simple moving average is $2.32 and its 200-day simple moving average is $2.43. The stock has a market cap of $342.91 million, a PE ratio of -0.37 and a beta of 2.12. Rackspace Technology, Inc. has a fifty-two week low of $1.37 and a fifty-two week high of $3.41.

Rackspace Technology (NASDAQ:RXT) last issued its earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.02. The company had revenue of $685.60 million for the quarter, compared to analyst estimates of $674.85 million.

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.