Bank of America Corp DE Purchases 48,238 Shares of Rackspace Technology, Inc. (NASDAQ:RXT)

Bank of America Corp DE grew its position in Rackspace Technology, Inc. (NASDAQ:RXT) by 21.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 277,606 shares of the company’s stock after acquiring an additional 48,238 shares during the quarter. Bank of America Corp DE’s holdings in Rackspace Technology were worth $614,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of RXT. MetLife Investment Management LLC raised its holdings in shares of Rackspace Technology by 89.4% in the 4th quarter. MetLife Investment Management LLC now owns 17,539 shares of the company’s stock worth $39,000 after buying an additional 8,281 shares in the last quarter. Aquatic Capital Management LLC acquired a new position in shares of Rackspace Technology in the 4th quarter worth approximately $45,000. Quantbot Technologies LP acquired a new position in shares of Rackspace Technology in the 4th quarter worth approximately $57,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Rackspace Technology by 24.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,807 shares of the company’s stock worth $60,000 after buying an additional 5,214 shares in the last quarter. Finally, Empower Advisory Group LLC acquired a new position in shares of Rackspace Technology in the 4th quarter worth approximately $85,000. Institutional investors own 82.48% of the company’s stock.

Insider Activity at Rackspace Technology

In other news, CFO Mark A. Marino sold 20,217 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 transaction of $37,805.79. Following the completion of the sale, the chief financial officer now owns 1,917,446 shares in the company, valued at $3,585,624.02. This trade represents a 1.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Amar Maletira sold 521,840 shares of Rackspace Technology stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $1.87, for a total transaction of $975,840.80. Following the completion of the transaction, the chief executive officer now owns 4,368,328 shares of the company’s stock, valued at $8,168,773.36. This represents a 10.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 792,403 shares of company stock valued at $1,481,794. 2.90% of the stock is owned by corporate insiders.

Rackspace Technology Price Performance

Shares of RXT opened at $1.27 on Tuesday. Rackspace Technology, Inc. has a one year low of $1.00 and a one year high of $3.41. The company has a market cap of $301.48 million, a P/E ratio of -0.33 and a beta of 2.04. The firm has a 50 day simple moving average of $1.29 and a two-hundred day simple moving average of $2.00.

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RXT. Royal Bank of Canada dropped their price target on Rackspace Technology from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Monday, May 12th. Barclays decreased their price objective on Rackspace Technology from $2.00 to $1.00 and set an “underweight” rating for the company in a research note on Friday, April 25th. UBS Group decreased their price objective on Rackspace Technology from $2.95 to $1.90 and set a “neutral” rating for the company in a research note on Friday, May 9th. Wall Street Zen lowered Rackspace Technology from a “hold” rating to a “sell” rating in a report on Friday. Finally, Raymond James reissued a “market perform” rating on shares of Rackspace Technology in a research note on Monday, June 2nd. Two analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $1.63.

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.