Vontobel Holding Ltd. Acquires 31,375 Shares of Rackspace Technology, Inc. (NASDAQ:RXT)

Vontobel Holding Ltd. boosted its holdings in shares of Rackspace Technology, Inc. (NASDAQ:RXT) by 45.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 100,125 shares of the company’s stock after acquiring an additional 31,375 shares during the quarter. Vontobel Holding Ltd.’s holdings in Rackspace Technology were worth $200,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Raymond James & Associates acquired a new position in shares of Rackspace Technology in the 4th quarter worth approximately $29,000. Allspring Global Investments Holdings LLC lifted its position in shares of Rackspace Technology by 238.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 16,480 shares of the company’s stock worth $39,000 after purchasing an additional 11,614 shares during the period. SG Americas Securities LLC acquired a new position in shares of Rackspace Technology in the 3rd quarter worth approximately $66,000. Acadian Asset Management LLC acquired a new position in shares of Rackspace Technology in the 3rd quarter worth approximately $69,000. Finally, Aristeia Capital LLC acquired a new position in shares of Rackspace Technology in the 3rd quarter worth approximately $111,000. 82.48% of the stock is owned by institutional investors.

Insider Transactions at Rackspace Technology

In other news, CEO Amar Maletira sold 37,446 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $1.92, for a total value of $71,896.32. Following the completion of the sale, the chief executive officer now owns 4,638,423 shares in the company, valued at approximately $8,905,772.16. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.00% of the company’s stock.

Rackspace Technology Trading Down 3.0 %

Shares of RXT stock opened at $1.63 on Thursday. The firm has a market capitalization of $358.21 million, a PE ratio of -0.42 and a beta of 1.94. The firm has a fifty day simple moving average of $1.78 and a two-hundred day simple moving average of $1.65. Rackspace Technology, Inc. has a 12 month low of $1.05 and a 12 month high of $3.10.

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

Analyst Upgrades and Downgrades

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

Rackspace Technology 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.