Renaissance Technologies LLC Buys 373,627 Shares of Rackspace Technology, Inc. (NASDAQ:RXT)

Renaissance Technologies LLC boosted its stake in Rackspace Technology, Inc. (NASDAQ:RXT - Free Report) by 24.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,929,127 shares of the company's stock after acquiring an additional 373,627 shares during the period. Renaissance Technologies LLC owned 0.85% of Rackspace Technology worth $4,263,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Quantbot Technologies LP acquired a new position in shares of Rackspace Technology in the 4th quarter valued at about $57,000. FMR LLC lifted its holdings in shares of Rackspace Technology by 437.5% in the 3rd quarter. FMR LLC now owns 31,154 shares of the company's stock worth $76,000 after purchasing an additional 25,358 shares during the last quarter. Empower Advisory Group LLC bought a new position in Rackspace Technology during the 4th quarter worth $85,000. SG Americas Securities LLC increased its position in Rackspace Technology by 64.7% in the fourth quarter. SG Americas Securities LLC now owns 56,778 shares of the company's stock worth $125,000 after buying an additional 22,311 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Rackspace Technology in the fourth quarter valued at $158,000. 82.48% of the stock is owned by institutional investors and hedge funds.

Rackspace Technology Stock Down 1.1 %

RXT stock traded down $0.02 during trading hours on Friday, hitting $1.38. The company's stock had a trading volume of 443,954 shares, compared to its average volume of 934,954. The company has a market capitalization of $326.30 million, a PE ratio of -0.35 and a beta of 2.12. The stock has a 50 day moving average price of $1.88 and a two-hundred day moving average price of $2.31. Rackspace Technology, Inc. has a 12 month low of $1.24 and a 12 month high of $3.41.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last issued 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 company had revenue of $685.60 million during the quarter, compared to the consensus estimate of $674.85 million.

Insider Transactions at Rackspace Technology

In related news, CEO Amar Maletira sold 521,840 shares of Rackspace Technology stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $1.87, for a total transaction of $975,840.80. Following the transaction, the chief executive officer now owns 4,368,328 shares of the company's stock, valued at $8,168,773.36. This trade represents a 10.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Srini Koushik sold 73,972 shares of the company's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $1.87, for a total transaction of $138,327.64. Following the completion of the sale, the insider now directly owns 935,114 shares of the company's stock, valued at $1,748,663.18. The trade was a 7.33 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,168,662 shares of company stock worth $2,418,792. Corporate insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

Separately, Barclays dropped their target price on Rackspace Technology from $2.00 to $1.00 and set an "underweight" rating on the stock in a report on Friday.

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.