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

Jane Street Group LLC reduced its holdings in shares of Rackspace Technology, Inc. (NASDAQ:RXT - Free Report) by 53.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. 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 about 0.16% of Rackspace Technology worth $800,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Renaissance Technologies LLC lifted its stake in shares of Rackspace Technology by 24.0% during the 4th quarter. Renaissance Technologies LLC now owns 1,929,127 shares of the company's stock valued at $4,263,000 after buying an additional 373,627 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Rackspace Technology by 3.9% during the 4th quarter. Geode Capital Management LLC now owns 1,737,981 shares of the company's stock valued at $3,842,000 after buying an additional 64,923 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Rackspace Technology by 24.8% during the 4th quarter. JPMorgan Chase & Co. now owns 837,139 shares of the company's stock valued at $1,850,000 after buying an additional 166,528 shares in the last quarter. Federated Hermes Inc. lifted its stake in shares of Rackspace Technology by 2.6% during the 4th quarter. Federated Hermes Inc. now owns 791,500 shares of the company's stock valued at $1,749,000 after buying an additional 20,049 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Rackspace Technology by 1.6% during the 4th quarter. Invesco Ltd. now owns 610,261 shares of the company's stock valued at $1,349,000 after buying an additional 9,825 shares in the last quarter. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Barclays dropped their price target on shares of Rackspace Technology from $2.00 to $1.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. UBS Group dropped their price target on shares of Rackspace Technology from $2.95 to $1.90 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Finally, Royal Bank of Canada lowered their target price on shares of Rackspace Technology from $3.00 to $2.00 and set a "sector perform" rating on the stock in a research note on Monday, May 12th.

Insider Transactions at Rackspace Technology

In other news, insider Srini Koushik sold 73,972 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $1.87, for a total value of $138,327.64. Following the transaction, the insider now owns 935,114 shares of the company's stock, valued at $1,748,663.18. This represents a 7.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark A. Marino sold 94,571 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $2.34, for a total transaction 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 $4,668,377.22. The trade was a 4.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 951,974 shares of company stock valued at $1,857,140 in the last quarter. Insiders own 2.90% of the company's stock.

Rackspace Technology Stock Performance

NASDAQ RXT traded up $0.04 on Thursday, hitting $1.16. The stock had a trading volume of 959,285 shares, compared to its average volume of 925,657. Rackspace Technology, Inc. has a 52-week low of $1.06 and a 52-week high of $3.41. The company has a market capitalization of $275.37 million, a price-to-earnings ratio of -0.30 and a beta of 2.14. The firm has a 50-day moving average of $1.37 and a 200-day moving average of $2.08.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.02. The firm had revenue of $665.40 million during the quarter, compared to analysts' expectations of $657.98 million. During the same quarter in the prior year, the company earned ($0.11) earnings per share. The business's revenue for the quarter was down 3.7% compared to the same quarter last year.

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.