Rackspace Technology, Inc. (NASDAQ:RXT) Shares Bought by Barclays PLC

Barclays PLC raised its position in shares of Rackspace Technology, Inc. (NASDAQ:RXT) by 12.9% in the fourth quarter, Holdings Channel.com reports. The fund owned 124,152 shares of the company’s stock after acquiring an additional 14,155 shares during the quarter. Barclays PLC’s holdings in Rackspace Technology were worth $274,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in RXT. Raymond James Financial Inc. acquired a new position in shares of Rackspace Technology during the fourth quarter valued at approximately $855,000. Renaissance Technologies LLC raised its holdings in shares of Rackspace Technology by 24.0% during the fourth quarter. Renaissance Technologies LLC now owns 1,929,127 shares of the company’s stock valued at $4,263,000 after acquiring an additional 373,627 shares during the last quarter. Prudential Financial Inc. acquired a new position in shares of Rackspace Technology during the fourth quarter valued at approximately $715,000. JPMorgan Chase & Co. raised its holdings in shares of Rackspace Technology by 24.8% during the fourth quarter. JPMorgan Chase & Co. now owns 837,139 shares of the company’s stock valued at $1,850,000 after acquiring an additional 166,528 shares during the last quarter. Finally, ExodusPoint Capital Management LP raised its holdings in shares of Rackspace Technology by 321.6% during the fourth quarter. ExodusPoint Capital Management LP now owns 199,078 shares of the company’s stock valued at $440,000 after acquiring an additional 151,862 shares during the last quarter. Institutional investors and hedge funds own 82.48% of the company’s stock.

Insider Buying and Selling

In related news, CFO Mark A. Marino sold 94,571 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $2.34, for a total value of $221,296.14. Following the completion of the transaction, the chief financial officer now directly owns 1,995,033 shares in the company, valued at approximately $4,668,377.22. This represents a 4.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Amar Maletira sold 38,355 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $2.37, for a total value of $90,901.35. Following the transaction, the chief executive officer now owns 4,890,168 shares of the company’s stock, valued at approximately $11,589,698.16. This represents a 0.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,154,204 shares of company stock worth $2,384,960. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on RXT shares. UBS Group cut their price target on Rackspace Technology from $2.95 to $1.90 and set a “neutral” rating for the company in a report on Friday. Barclays cut their price target on Rackspace Technology from $2.00 to $1.00 and set an “underweight” rating for the company in a report on Friday, April 25th.

Rackspace Technology Stock Performance

NASDAQ:RXT opened at $1.25 on Monday. Rackspace Technology, Inc. has a one year low of $1.24 and a one year high of $3.41. The stock has a market cap of $296.74 million, a PE ratio of -0.32 and a beta of 2.14. The stock has a 50 day moving average price of $1.61 and a 200 day moving average price of $2.21.

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

About Rackspace Technology

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.