Rackspace Technology, Inc. (NASDAQ:RXT) Shares Acquired by SG Americas Securities LLC

SG Americas Securities LLC boosted its holdings in Rackspace Technology, Inc. (NASDAQ:RXT) by 86.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 52,694 shares of the company’s stock after buying an additional 24,431 shares during the quarter. SG Americas Securities LLC’s holdings in Rackspace Technology were worth $105,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of RXT. Rice Hall James & Associates LLC raised its holdings in Rackspace Technology by 8.9% during the 1st quarter. Rice Hall James & Associates LLC now owns 2,731,145 shares of the company’s stock worth $30,480,000 after buying an additional 222,187 shares during the period. Swiss National Bank increased its position in shares of Rackspace Technology by 8.4% in the first quarter. Swiss National Bank now owns 99,300 shares of the company’s stock worth $1,108,000 after acquiring an additional 7,700 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Rackspace Technology by 693.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,347 shares of the company’s stock valued at $37,000 after acquiring an additional 2,925 shares in the last quarter. Natixis Advisors L.P. lifted its position in shares of Rackspace Technology by 5.2% in the 1st quarter. Natixis Advisors L.P. now owns 159,419 shares of the company’s stock valued at $1,779,000 after acquiring an additional 7,952 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its stake in Rackspace Technology by 54.3% in the 1st quarter. MetLife Investment Management LLC now owns 29,831 shares of the company’s stock worth $333,000 after purchasing an additional 10,494 shares during the period. Institutional investors own 82.48% of the company’s stock.

Analysts Set New Price Targets

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

Rackspace Technology Trading Up 1.9 %

Shares of Rackspace Technology stock opened at $1.60 on Friday. Rackspace Technology, Inc. has a 1-year low of $1.05 and a 1-year high of $3.10. The firm has a fifty day simple moving average of $1.79 and a 200-day simple moving average of $1.65. The stock has a market capitalization of $351.62 million, a price-to-earnings ratio of -0.41 and a beta of 1.94.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings results on Tuesday, March 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $720.00 million during the quarter, compared to analysts’ expectations of $714.74 million. Rackspace Technology had a negative net margin of 28.33% and a negative return on equity of 10.18%. The business’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.06 earnings per share. As a group, research analysts predict that Rackspace Technology, Inc. will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

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 directly owns 1,608,258 shares of the company’s stock, valued at $2,605,377.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Amar Maletira sold 37,446 shares of the business’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 sale, the chief executive officer now directly owns 4,638,423 shares in the company, valued at $8,905,772.16. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Brian Lillie sold 139,701 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 1,608,258 shares of the company’s stock, valued at $2,605,377.96. The disclosure for this sale can be found here. Insiders have sold a total of 189,463 shares of company stock valued at $318,164 in the last three months. Company insiders own 1.00% 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.