Citigroup Inc. Sells 190,215 Shares of Rackspace Technology, Inc. (NASDAQ:RXT)

Citigroup Inc. trimmed its holdings in Rackspace Technology, Inc. (NASDAQ:RXTFree Report) by 61.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 118,055 shares of the company’s stock after selling 190,215 shares during the quarter. Citigroup Inc. owned about 0.05% of Rackspace Technology worth $277,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Apollo Management Holdings L.P. bought a new stake in Rackspace Technology during the 1st quarter worth about $243,665,000. First Trust Advisors LP raised its holdings in Rackspace Technology by 3.0% during the 1st quarter. First Trust Advisors LP now owns 17,086,436 shares of the company’s stock worth $190,685,000 after purchasing an additional 498,198 shares during the last quarter. Mackenzie Financial Corp raised its holdings in Rackspace Technology by 0.9% during the 1st quarter. Mackenzie Financial Corp now owns 7,197,859 shares of the company’s stock worth $80,328,000 after purchasing an additional 66,423 shares during the last quarter. Vanguard Group Inc. raised its holdings in Rackspace Technology by 11.8% during the 3rd quarter. Vanguard Group Inc. now owns 6,764,000 shares of the company’s stock worth $27,597,000 after purchasing an additional 711,535 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in Rackspace Technology by 33.1% during the 2nd quarter. BlackRock Inc. now owns 5,789,497 shares of the company’s stock worth $15,747,000 after purchasing an additional 1,439,285 shares during the last quarter. 82.48% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Rackspace Technology news, CEO Amar Maletira sold 37,446 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $1.92, for a total transaction of $71,896.32. Following the completion of the transaction, the chief executive officer now owns 4,638,423 shares of the company’s stock, valued at approximately $8,905,772.16. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Rackspace Technology news, CEO Amar Maletira sold 37,446 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $1.92, for a total transaction of $71,896.32. Following the completion of the transaction, the chief executive officer now owns 4,638,423 shares of the company’s stock, valued at approximately $8,905,772.16. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Brian Lillie sold 139,701 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $1.62, for a total value of $226,315.62. Following the sale, the executive vice president now owns 1,608,258 shares in the company, valued at approximately $2,605,377.96. The disclosure for this sale can be found here. Insiders sold a total of 189,463 shares of company stock valued at $318,164 in the last quarter. 1.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Raymond James decreased their target price on Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating for the company in a research report on Wednesday, March 13th. Evercore ISI decreased their target price on Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating for the company in a research report on Wednesday, March 13th. Royal Bank of Canada restated a “sector perform” rating and set a $3.00 target price on shares of Rackspace Technology in a research report on Wednesday, March 13th. Finally, BMO Capital Markets boosted their target price on Rackspace Technology from $1.50 to $2.50 and gave the stock a “market perform” rating in a research report on Wednesday, March 13th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $2.31.

Check Out Our Latest Report on RXT

Rackspace Technology Price Performance

Shares of RXT opened at $1.48 on Wednesday. The company has a debt-to-equity ratio of 111.44, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a 50 day simple moving average of $1.81 and a 200 day simple moving average of $1.68. Rackspace Technology, Inc. has a 52-week low of $1.05 and a 52-week high of $3.10. The firm has a market capitalization of $325.24 million, a PE ratio of -0.38 and a beta of 1.99.

Rackspace Technology (NASDAQ:RXTGet Free Report) last issued its quarterly earnings data on Tuesday, March 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. Rackspace Technology had a negative return on equity of 10.18% and a negative net margin of 28.33%. The business had revenue of $720.00 million during the quarter, compared to analyst estimates of $714.74 million. During the same period in the previous year, the firm earned $0.06 EPS. Rackspace Technology’s quarterly revenue was down 8.5% compared to the same quarter last year. Sell-side analysts predict that Rackspace Technology, Inc. will post -0.38 EPS for the current fiscal year.

Rackspace Technology Company Profile

(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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Institutional Ownership by Quarter for Rackspace Technology (NASDAQ:RXT)

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