Prudential Financial Inc. Makes New Investment in Rackspace Technology, Inc. (NASDAQ:RXT)

Prudential Financial Inc. bought a new position in shares of Rackspace Technology, Inc. (NASDAQ:RXT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 323,725 shares of the company's stock, valued at approximately $715,000. Prudential Financial Inc. owned approximately 0.14% of Rackspace Technology as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of RXT. Jane Street Group LLC grew its position in shares of Rackspace Technology by 27.4% in the 3rd quarter. Jane Street Group LLC now owns 773,454 shares of the company's stock valued at $1,895,000 after acquiring an additional 166,528 shares during the period. FMR LLC lifted its stake 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 last quarter. Barclays PLC grew its holdings 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 purchasing an additional 50,896 shares during the period. Raymond James Financial Inc. acquired a new position in Rackspace Technology during the fourth quarter worth approximately $855,000. Finally, Franklin Resources Inc. acquired a new position in Rackspace Technology during the third quarter worth approximately $443,000. 82.48% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Rackspace Technology

In related news, CFO Mark A. Marino sold 202,230 shares of Rackspace Technology stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $2.61, for a total transaction of $527,820.30. Following the completion of the sale, the chief financial officer now directly owns 1,713,126 shares of the company's stock, valued at approximately $4,471,258.86. This trade represents a 10.56 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Srini Koushik sold 73,972 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $1.87, for a total value of $138,327.64. Following the completion of the transaction, the insider now directly owns 935,114 shares in the company, valued at approximately $1,748,663.18. This represents a 7.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,168,662 shares of company stock worth $2,418,792. 2.00% of the stock is owned by insiders.

Rackspace Technology Trading Up 2.2 %

Shares of RXT traded up $0.03 during mid-day trading on Friday, reaching $1.37. The company's stock had a trading volume of 931,031 shares, compared to its average volume of 942,018. Rackspace Technology, Inc. has a 1-year low of $1.30 and a 1-year high of $3.41. The business has a 50-day simple moving average of $2.17 and a two-hundred day simple moving average of $2.38. The stock has a market cap of $325.11 million, a P/E ratio of -0.35 and a beta of 2.12.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.02. The business had revenue of $685.60 million during the quarter, compared to the consensus estimate of $674.85 million.

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.