AQR Capital Management LLC Sells 479,731 Shares of Rackspace Technology, Inc. (NASDAQ:RXT)

AQR Capital Management LLC lowered its position in shares of Rackspace Technology, Inc. (NASDAQ:RXT - Free Report) by 81.3% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 110,577 shares of the company's stock after selling 479,731 shares during the quarter. AQR Capital Management LLC's holdings in Rackspace Technology were worth $330,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. GSA Capital Partners LLP purchased a new position in Rackspace Technology in the 1st quarter worth approximately $531,000. Renaissance Technologies LLC increased its position in Rackspace Technology by 23.7% in the second quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company's stock worth $3,991,000 after buying an additional 256,900 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in Rackspace Technology in the first quarter worth $35,000. Public Employees Retirement System of Ohio grew its stake in shares of 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 worth $211,000 after purchasing an additional 30,916 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Rackspace Technology by 98.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company's stock worth $51,000 after purchasing an additional 16,484 shares in the last quarter. Hedge funds and other institutional investors own 82.48% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, UBS Group raised their target price on 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 given a hold rating and one has given a buy rating to the company. According to MarketBeat, Rackspace Technology currently has an average rating of "Hold" and an average target price of $2.15.

Insider Activity at Rackspace Technology

In related news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the 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 completion of the transaction, the executive vice president now directly owns 2,466,593 shares in the company, valued at approximately $5,821,159.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Amar Maletira sold 84,823 shares of Rackspace Technology stock in a transaction on Monday, September 30th. The stock was sold at an average price of $2.42, for a total value of $205,271.66. Following the transaction, the chief executive officer now owns 5,158,399 shares in the company, valued at approximately $12,483,325.58. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Dharmendra Kumar Sinha sold 149,249 shares of Rackspace Technology stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $2.36, for a total value of $352,227.64. Following the completion of the transaction, the executive vice president now owns 2,466,593 shares in the company, valued at approximately $5,821,159.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 376,570 shares of company stock worth $894,330. 1.00% of the stock is owned by insiders.

Rackspace Technology Trading Down 8.9 %

RXT stock traded down $0.25 during trading on Thursday, hitting $2.56. The company had a trading volume of 559,280 shares, compared to its average volume of 1,125,880. The company has a fifty day moving average price of $2.42 and a two-hundred day moving average price of $2.25. The company has a market cap of $573.06 million, a P/E ratio of -0.65 and a beta of 1.98. Rackspace Technology, Inc. has a fifty-two week low of $1.15 and a fifty-two week high of $3.18.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.03. The firm had revenue of $684.90 million for the quarter, compared to analyst estimates of $669.10 million. On average, analysts expect that Rackspace Technology, Inc. will post -0.32 earnings per share for the current year.

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.