Ieq Capital LLC bought a new stake in Rackspace Technology, Inc. (NASDAQ:RXT – Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 637,258 shares of the company’s stock, valued at approximately $4,161,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Rackspace Technology during the 2nd quarter worth about $51,411,000. Janus Henderson Group PLC increased its holdings in shares of Rackspace Technology by 179.7% in the first quarter. Janus Henderson Group PLC now owns 2,937,670 shares of the company’s stock valued at $2,878,000 after purchasing an additional 1,887,317 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Rackspace Technology in the second quarter worth about $3,887,000. Two Sigma Investments LP raised its stake in shares of Rackspace Technology by 368.4% in the third quarter. Two Sigma Investments LP now owns 673,689 shares of the company’s stock worth $950,000 after purchasing an additional 529,862 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in shares of Rackspace Technology during the second quarter worth about $2,822,000. Hedge funds and other institutional investors own 82.48% of the company’s stock.
Insiders Place Their Bets
In other news, CFO Mark A. Marino sold 48,099 shares of Rackspace Technology stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $5.56, for a total transaction of $267,430.44. Following the sale, the chief financial officer directly owned 3,370,431 shares in the company, valued at approximately $18,739,596.36. The trade was a 1.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Anthony Scott sold 48,780 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $4.25, for a total transaction of $207,315.00. Following the completion of the sale, the director directly owned 180,215 shares in the company, valued at approximately $765,913.75. The trade was a 21.30% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.30% of the company’s stock.
Rackspace Technology Trading Down 6.0%
Rackspace Technology (NASDAQ:RXT – Get Free Report) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. The firm had revenue of $670.10 million for the quarter, compared to the consensus estimate of $646.00 million. Sell-side analysts predict that Rackspace Technology, Inc. will post -0.28 earnings per share for the current fiscal year.
Rackspace Technology News Summary
Here are the key news stories impacting Rackspace Technology this week:
- Neutral Sentiment: Rackspace announced that Dharmendra Kumar Sinha is expected to step down from his public-cloud leadership role. The transition could raise questions about execution in a key business, although the company did not indicate that operations would be disrupted. Rackspace Technology Announces Public Cloud Leadership Transition
Analyst Upgrades and Downgrades
RXT has been the topic of a number of recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rackspace Technology in a research report on Tuesday, June 2nd. Wall Street Zen lowered shares of Rackspace Technology from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Finally, Royal Bank Of Canada lifted their price objective on shares of Rackspace Technology from $2.50 to $4.00 and gave the company a “sector perform” rating in a research note on Wednesday, June 17th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $4.00.
Read Our Latest Stock Analysis on RXT
Rackspace Technology Profile
Rackspace Technology (NASDAQ: RXT) is a leading provider of managed multi-cloud solutions and services, specializing in the deployment, management and optimization of public and private cloud environments. The company helps organizations design and operate applications across platforms such as Amazon Web Services (AWS), Microsoft Azure, Google Cloud and its own private cloud infrastructure. Rackspace’s core offerings include cloud migration, application modernization, data protection, security services and 24x7x365 operational support.
Beyond cloud hosting, Rackspace offers a range of professional services designed to accelerate digital transformation initiatives.
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