Jacobs Levy Equity Management Inc. Has $1.95 Million Stock Holdings in Rackspace Technology, Inc. (NASDAQ:RXT)

Jacobs Levy Equity Management Inc. raised its holdings in Rackspace Technology, Inc. (NASDAQ:RXT) by 8.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 881,148 shares of the company’s stock after purchasing an additional 66,524 shares during the quarter. Jacobs Levy Equity Management Inc. owned 0.39% of Rackspace Technology worth $1,947,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of RXT. Barclays PLC boosted its holdings in shares of Rackspace Technology by 86.1% in the 3rd quarter. Barclays PLC now owns 109,997 shares of the company’s stock valued at $270,000 after purchasing an additional 50,896 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Rackspace Technology by 64.7% in the 4th quarter. SG Americas Securities LLC now owns 56,778 shares of the company’s stock valued at $125,000 after purchasing an additional 22,311 shares in the last quarter. Empower Advisory Group LLC acquired a new stake in shares of Rackspace Technology in the 4th quarter valued at $85,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Rackspace Technology by 0.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 595,860 shares of the company’s stock valued at $1,317,000 after purchasing an additional 5,136 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Rackspace Technology during the 4th quarter valued at $855,000. Institutional investors and hedge funds own 82.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Royal Bank of Canada reduced their price objective on Rackspace Technology from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Monday. UBS Group reduced their price objective on Rackspace Technology from $2.95 to $1.90 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Finally, Barclays reduced their price objective on Rackspace Technology from $2.00 to $1.00 and set an “underweight” rating on the stock in a research report on Friday, April 25th.

Rackspace Technology Stock Down 1.6%

Shares of RXT stock opened at $1.26 on Friday. The stock’s fifty day simple moving average is $1.53 and its 200 day simple moving average is $2.18. Rackspace Technology, Inc. has a twelve month low of $1.22 and a twelve month high of $3.41. The firm has a market capitalization of $299.11 million, a P/E ratio of -0.32 and a beta of 2.14.

Rackspace Technology (NASDAQ:RXT) last released 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 company had revenue of $665.40 million during the quarter, compared to the consensus estimate of $657.98 million. During the same quarter last year, the firm posted ($0.11) EPS. The company’s quarterly revenue was down 3.7% on a year-over-year basis.

Insider Buying and Selling at Rackspace Technology

In other news, EVP Dharmendra Kumar Sinha sold 176,374 shares of the business’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $1.87, for a total value of $329,819.38. Following the transaction, the executive vice president now directly owns 2,117,455 shares of the company’s stock, valued at $3,959,640.85. The trade was a 7.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Srini Koushik sold 73,972 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $1.87, for a total value of $138,327.64. Following the completion of the transaction, the insider now directly owns 935,114 shares in the company, valued at $1,748,663.18. This represents a 7.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,154,204 shares of company stock worth $2,384,960. Insiders own 2.90% of the company’s stock.

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.