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

Jane Street Group LLC lessened its stake in shares of Rackspace Technology, Inc. (NASDAQ:RXT - Free Report) by 53.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 hedge funds and other institutional investors have also recently bought and sold shares of the company. MetLife Investment Management LLC grew its position in shares of 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 during the last quarter. Aquatic Capital Management LLC acquired a new position in shares of Rackspace Technology in the fourth quarter valued at approximately $45,000. Quantbot Technologies LP acquired a new stake in Rackspace Technology during the fourth quarter worth approximately $57,000. Price T Rowe Associates Inc. MD grew its stake in 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 acquiring an additional 5,214 shares during the period. Finally, Empower Advisory Group LLC purchased a new stake in Rackspace Technology in the 4th quarter valued at about $85,000. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Rackspace Technology

In other news, insider Srini Koushik sold 73,972 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $1.87, for a total transaction 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. The trade was a 7.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Amar Maletira sold 521,840 shares of the company'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 $975,840.80. Following the completion of the transaction, the chief executive officer now owns 4,368,328 shares in the company, 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. Over the last three months, insiders have sold 951,974 shares of company stock valued at $1,857,140. Corporate insiders own 2.90% of the company's stock.

Rackspace Technology Trading Down 0.4%

NASDAQ:RXT traded down $0.01 on Wednesday, hitting $1.14. The company's stock had a trading volume of 409,814 shares, compared to its average volume of 921,053. Rackspace Technology, Inc. has a one year low of $1.06 and a one year high of $3.41. The firm has a market capitalization of $269.44 million, a P/E ratio of -0.29 and a beta of 2.14. The stock has a fifty day moving average of $1.40 and a two-hundred day moving average of $2.10.

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

Analyst Upgrades and Downgrades

RXT has been the topic of a number of recent analyst reports. Barclays cut their target price 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 reduced their price target 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. 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.

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.