Sargent Investment Group LLC reduced its position in shares of Rackspace Technology, Inc. (NASDAQ:RXT - Free Report) by 92.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,150 shares of the company's stock after selling 249,950 shares during the period. Sargent Investment Group LLC's holdings in Rackspace Technology were worth $47,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Creative Planning acquired a new stake in Rackspace Technology during the third quarter worth approximately $29,000. US Bancorp DE boosted its holdings in shares of Rackspace Technology by 10,766.2% during the third quarter. US Bancorp DE now owns 16,408 shares of the company's stock worth $40,000 after purchasing an additional 16,257 shares during the last quarter. Intech Investment Management LLC purchased a new stake in shares of Rackspace Technology in the third quarter valued at $50,000. FMR LLC increased its stake in Rackspace Technology by 437.5% in the third 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. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Rackspace Technology during the third quarter worth about $81,000. 82.48% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Separately, Barclays upped their price objective on shares of Rackspace Technology from $1.00 to $2.00 and gave the company an "underweight" rating in a research note on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $2.47.
Check Out Our Latest Analysis on RXT
Insider Buying and Selling at Rackspace Technology
In other Rackspace Technology news, CFO Mark A. Marino sold 14,458 shares of the business's stock in a transaction on Monday, January 27th. The shares were sold at an average price of $2.34, for a total value of $33,831.72. Following the transaction, the chief financial officer now 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 filing with the SEC, which is available through the SEC website. Also, EVP Dharmendra Kumar Sinha sold 88,548 shares of the company's stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $2.67, for a total transaction of $236,423.16. Following the completion of the transaction, the executive vice president now directly owns 2,334,166 shares of the company's stock, valued at approximately $6,232,223.22. The trade was a 3.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 209,322 shares of company stock valued at $542,829 over the last three months. 2.00% of the stock is owned by company insiders.
Rackspace Technology Trading Up 2.1 %
Shares of Rackspace Technology stock traded up $0.06 during trading hours on Friday, reaching $2.96. The stock had a trading volume of 1,027,537 shares, compared to its average volume of 879,631. The firm has a market capitalization of $673.61 million, a price-to-earnings ratio of -0.85 and a beta of 2.04. Rackspace Technology, Inc. has a 1 year low of $1.45 and a 1 year high of $3.41. The firm has a 50 day simple moving average of $2.44 and a two-hundred day simple moving average of $2.44.
Rackspace Technology (NASDAQ:RXT - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.03. The business had revenue of $675.80 million for the quarter, compared to analyst estimates of $675.14 million. During the same period last year, the firm earned ($0.04) earnings per share. The company's quarterly revenue was down 7.7% on a year-over-year basis. Sell-side analysts forecast that Rackspace Technology, Inc. will post -0.27 EPS for the current year.
About Rackspace Technology
(
Free Report)
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.
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