Rackspace Technology, Inc. (NASDAQ:RXT) Stock Holdings Boosted by Renaissance Technologies LLC

Renaissance Technologies LLC boosted its position in Rackspace Technology, Inc. (NASDAQ:RXT - Free Report) by 23.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,339,200 shares of the company's stock after buying an additional 256,900 shares during the period. Renaissance Technologies LLC owned approximately 0.60% of Rackspace Technology worth $3,991,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. ClariVest Asset Management LLC boosted its holdings in Rackspace Technology by 2.8% in the 2nd quarter. ClariVest Asset Management LLC now owns 379,721 shares of the company's stock valued at $1,132,000 after purchasing an additional 10,281 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Rackspace Technology in the second quarter valued at approximately $40,000. Bank of New York Mellon Corp grew its holdings in Rackspace Technology by 17.1% during 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 during the period. Public Employees Retirement System of Ohio lifted its holdings in Rackspace Technology by 30.1% in the first quarter. Public Employees Retirement System of Ohio now owns 133,484 shares of the company's stock valued at $211,000 after acquiring an additional 30,916 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its holdings in Rackspace Technology by 98.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company's stock valued at $51,000 after acquiring an additional 16,484 shares during the period. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the business's stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $2.36, for a total transaction of $352,227.64. Following the transaction, the executive vice president now owns 2,466,593 shares in the company, valued at $5,821,159.48. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Rackspace Technology news, CEO Amar Maletira sold 52,206 shares of Rackspace Technology stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $2.35, for a total transaction of $122,684.10. Following the sale, the chief executive officer now directly owns 5,347,434 shares in the company, valued at approximately $12,566,469.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Dharmendra Kumar Sinha sold 149,249 shares of the company's stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $2.36, for a total transaction of $352,227.64. Following the completion of the sale, the executive vice president now directly owns 2,466,593 shares in the company, valued at $5,821,159.48. The disclosure for this sale can be found here. Insiders have sold 209,195 shares of company stock valued at $493,410 in the last three months. Corporate insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

Separately, UBS Group raised their price objective on shares of Rackspace Technology from $2.10 to $2.30 and gave the company a "neutral" rating in a research note on Friday, August 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Rackspace Technology currently has an average rating of "Hold" and an average price target of $2.15.

Rackspace Technology Trading Down 3.9 %

Shares of Rackspace Technology stock traded down $0.10 during trading hours on Friday, reaching $2.47. 736,873 shares of the company's stock were exchanged, compared to its average volume of 553,995. Rackspace Technology, Inc. has a 52-week low of $1.15 and a 52-week high of $3.18. The company has a fifty day moving average of $2.33 and a 200-day moving average of $2.16. The firm has a market capitalization of $558.29 million, a price-to-earnings ratio of -0.62 and a beta of 1.97.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last released its earnings results on Thursday, August 8th. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.03. The business had revenue of $684.90 million for the quarter, compared to analysts' expectations of $669.10 million. On average, equities research analysts anticipate that Rackspace Technology, Inc. will post -0.32 earnings per share for the current fiscal year.

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.