Mackenzie Financial Corp Has $13.80 Million Stock Position in Rackspace Technology, Inc. (NASDAQ:RXT)

Mackenzie Financial Corp lessened its stake in Rackspace Technology, Inc. (NASDAQ:RXT) by 0.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,899,987 shares of the company’s stock after selling 17,621 shares during the quarter. Mackenzie Financial Corp owned about 3.19% of Rackspace Technology worth $13,800,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. ProShare Advisors LLC acquired a new position in shares of Rackspace Technology during the 2nd quarter worth about $28,000. Raymond James & Associates bought a new position in Rackspace Technology during the 4th quarter worth approximately $29,000. Ensign Peak Advisors Inc acquired a new position in Rackspace Technology during the third quarter valued at approximately $31,000. Verition Fund Management LLC bought a new stake in Rackspace Technology in the fourth quarter valued at approximately $32,000. Finally, Point72 Hong Kong Ltd increased its stake in Rackspace Technology by 144.4% in the second quarter. Point72 Hong Kong Ltd now owns 4,831 shares of the company’s stock valued at $35,000 after purchasing an additional 2,854 shares in the last quarter. Institutional investors own 82.48% of the company’s stock.

Insider Activity at Rackspace Technology

In other Rackspace Technology news, CEO Amar Maletira sold 37,446 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $1.92, for a total transaction of $71,896.32. Following the sale, the chief executive officer now directly owns 4,638,423 shares of the company’s stock, valued at approximately $8,905,772.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Brian Lillie sold 139,701 shares of the 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 completion of the sale, the executive vice president now owns 1,608,258 shares of the company’s stock, valued at approximately $2,605,377.96. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Amar Maletira sold 37,446 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 4,638,423 shares in the company, valued at $8,905,772.16. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 189,463 shares of company stock valued at $318,164. Corporate insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

RXT has been the subject of several research analyst reports. Raymond James decreased their price target on shares of Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating for the company in a report on Wednesday, March 13th. BMO Capital Markets increased their price target on Rackspace Technology from $1.50 to $2.50 and gave the stock a “market perform” rating in a report on Wednesday, March 13th. Evercore ISI cut their price objective on Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating on the stock in a report on Wednesday, March 13th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $3.00 target price on shares of Rackspace Technology in a research note on Wednesday, March 13th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $2.31.

Rackspace Technology Stock Up 3.3 %

RXT stock opened at $1.57 on Friday. Rackspace Technology, Inc. has a fifty-two week low of $1.05 and a fifty-two week high of $3.10. The business has a 50-day moving average of $1.79 and a 200-day moving average of $1.66.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings results on Tuesday, March 12th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $720.00 million during the quarter, compared to the consensus estimate of $714.74 million. During the same quarter in the prior year, the firm posted $0.06 EPS. The business’s revenue was down 8.5% on a year-over-year basis. On average, equities analysts predict that Rackspace Technology, Inc. will post -0.38 EPS for the current fiscal year.

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.