Graham Capital Management L.P. Buys Shares of 47,272 Rackspace Technology, Inc. (NASDAQ:RXT)

Graham Capital Management L.P. bought a new stake in Rackspace Technology, Inc. (NASDAQ:RXT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 47,272 shares of the company’s stock, valued at approximately $104,000.

Other institutional investors also recently bought and sold shares of the company. Renaissance Technologies LLC increased its position in Rackspace Technology by 24.0% in the fourth quarter. Renaissance Technologies LLC now owns 1,929,127 shares of the company’s stock worth $4,263,000 after buying an additional 373,627 shares in the last quarter. Geode Capital Management LLC increased its position in Rackspace Technology by 3.9% in the fourth quarter. Geode Capital Management LLC now owns 1,737,981 shares of the company’s stock worth $3,842,000 after buying an additional 64,923 shares in the last quarter. D. E. Shaw & Co. Inc. increased its position in Rackspace Technology by 2.5% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,203,806 shares of the company’s stock worth $2,660,000 after buying an additional 29,047 shares in the last quarter. JPMorgan Chase & Co. increased its position in Rackspace Technology by 24.8% in the fourth quarter. JPMorgan Chase & Co. now owns 837,139 shares of the company’s stock worth $1,850,000 after buying an additional 166,528 shares in the last quarter. Finally, Federated Hermes Inc. increased its position in Rackspace Technology by 2.6% in the fourth quarter. Federated Hermes Inc. now owns 791,500 shares of the company’s stock worth $1,749,000 after buying an additional 20,049 shares in the last quarter. Institutional investors own 82.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Royal Bank of Canada reduced their price target on Rackspace Technology from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Monday, May 12th. Barclays reduced their price target on Rackspace Technology from $2.00 to $1.00 and set an “underweight” rating for the company in a research report on Friday, April 25th. Finally, UBS Group reduced their price target on Rackspace Technology from $2.95 to $1.90 and set a “neutral” rating for the company in a research report on Friday, May 9th.

Rackspace Technology Stock Performance

NASDAQ:RXT opened at $1.24 on Tuesday. Rackspace Technology, Inc. has a 12-month low of $1.18 and a 12-month high of $3.41. The stock has a 50-day moving average price of $1.50 and a 200 day moving average price of $2.16. The stock has a market capitalization of $294.36 million, a P/E ratio of -0.32 and a beta of 2.14.

Rackspace Technology (NASDAQ:RXT) last released its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.02. The business had revenue of $665.40 million for the quarter, compared to analysts’ expectations of $657.98 million. During the same quarter in the prior year, the business posted ($0.11) EPS. The business’s revenue for the quarter was down 3.7% compared to the same quarter last year.

Insider Buying and Selling

In other Rackspace Technology news, CEO Amar Maletira sold 38,355 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $2.37, for a total transaction of $90,901.35. Following the completion of the transaction, the chief executive officer now owns 4,890,168 shares in the company, valued at $11,589,698.16. This trade represents a 0.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Srini Koushik sold 73,972 shares of the firm’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 value of $138,327.64. Following the transaction, the insider now owns 935,114 shares of the company’s stock, valued at $1,748,663.18. This represents a 7.33% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,154,204 shares of company stock worth $2,384,960. 2.90% of the stock is owned by corporate insiders.

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.