Barclays PLC increased its stake in shares of Rackspace Technology, Inc. (NASDAQ:RXT – Free Report) by 86.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 109,997 shares of the company’s stock after buying an additional 50,896 shares during the period. Barclays PLC’s holdings in Rackspace Technology were worth $270,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also bought and sold shares of the company. Creative Planning acquired a new position in Rackspace Technology in the 3rd quarter valued at $29,000. US Bancorp DE grew its stake in shares of Rackspace Technology by 10,766.2% in the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after acquiring an additional 16,257 shares in the last quarter. Intech Investment Management LLC bought a new position in Rackspace Technology during the third quarter worth about $50,000. FMR LLC raised its stake in 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 in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Rackspace Technology in the 3rd quarter worth about $81,000. Institutional investors and hedge funds own 82.48% of the company’s stock.
Analyst Upgrades and Downgrades
Separately, Barclays increased their target price on shares of Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a research report on Monday, November 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Rackspace Technology has a consensus rating of “Hold” and a consensus target price of $2.47.
Rackspace Technology Stock Up 3.3 %
RXT stock opened at $2.47 on Tuesday. The company has a market cap of $562.10 million, a PE ratio of -0.71 and a beta of 2.02. Rackspace Technology, Inc. has a 52 week low of $1.45 and a 52 week high of $3.41. The business has a 50-day simple moving average of $2.44 and a 200 day simple moving average of $2.45.
Rackspace Technology (NASDAQ:RXT – Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.03. The firm had revenue of $675.80 million during the quarter, compared to analyst estimates of $675.14 million. Rackspace Technology’s quarterly revenue was down 7.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.04) earnings per share. On average, analysts anticipate that Rackspace Technology, Inc. will post -0.27 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, CEO Amar Maletira sold 55,461 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $2.54, for a total transaction of $140,870.94. Following the completion of the transaction, the chief executive officer now directly owns 4,928,523 shares in the company, valued at $12,518,448.42. This represents a 1.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Anthony C. Roberts bought 19,455 shares of the business’s stock in a transaction on Friday, December 6th. The stock was bought at an average price of $2.60 per share, for a total transaction of $50,583.00. Following the transaction, the director now directly owns 161,930 shares of the company’s stock, valued at approximately $421,018. This represents a 13.66 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 194,864 shares of company stock worth $508,997 over the last three months. Insiders own 2.00% of the company’s stock.
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.
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