Jane Street Group LLC Sells 411,313 Shares of Rackspace Technology, Inc. (NASDAQ:RXT)

Jane Street Group LLC decreased its position in shares of Rackspace Technology, Inc. (NASDAQ:RXT - Free Report) by 53.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 362,141 shares of the company's stock after selling 411,313 shares during the quarter. Jane Street Group LLC owned approximately 0.16% of Rackspace Technology worth $800,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Invesco Ltd. boosted its holdings in Rackspace Technology by 1.6% during the fourth quarter. Invesco Ltd. now owns 610,261 shares of the company's stock worth $1,349,000 after buying an additional 9,825 shares during the last quarter. Prudential Financial Inc. bought a new position in Rackspace Technology during the 4th quarter worth approximately $715,000. Raymond James Financial Inc. acquired a new position in Rackspace Technology during the fourth quarter valued at approximately $855,000. MetLife Investment Management LLC increased its stake in Rackspace Technology by 89.4% in the fourth quarter. MetLife Investment Management LLC now owns 17,539 shares of the company's stock valued at $39,000 after purchasing an additional 8,281 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Rackspace Technology in the fourth quarter worth $57,000. 82.48% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Rackspace Technology

In other news, CEO Amar Maletira sold 521,840 shares of the stock in a transaction dated 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 directly owns 4,368,328 shares in the company, valued at $8,168,773.36. This represents a 10.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Srini Koushik sold 73,972 shares of the firm'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 owns 935,114 shares of the company's stock, valued at $1,748,663.18. The trade was a 7.33% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 951,974 shares of company stock worth $1,857,140. Corporate insiders own 2.90% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. UBS Group lowered their price objective on shares of Rackspace Technology from $2.95 to $1.90 and set a "neutral" rating for the company in a research report on Friday, May 9th. Barclays dropped their price target 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. Finally, Royal Bank of Canada decreased their price objective on Rackspace Technology from $3.00 to $2.00 and set a "sector perform" rating for the company in a research report on Monday, May 12th.

Rackspace Technology Stock Up 2.7%

Shares of NASDAQ:RXT traded up $0.03 during midday trading on Tuesday, reaching $1.14. 823,497 shares of the company were exchanged, compared to its average volume of 923,022. The firm has a market cap of $270.62 million, a PE ratio of -0.29 and a beta of 2.14. Rackspace Technology, Inc. has a fifty-two week low of $1.06 and a fifty-two week high of $3.41. The stock has a fifty day simple moving average of $1.42 and a two-hundred day simple moving average of $2.11.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.02. The firm had revenue of $665.40 million during the quarter, compared to analyst estimates of $657.98 million. The business'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 earned ($0.11) EPS.

Rackspace Technology Company 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.