Jupiter Topco LLC bought a new position in shares of Rackspace Technology, Inc. (NASDAQ:RXT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,602,104 shares of the company's stock, valued at approximately $10,462,000. Jupiter Topco LLC owned about 0.63% of Rackspace Technology as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of the company. Abel Hall LLC bought a new stake in shares of Rackspace Technology during the first quarter worth $30,000. Creative Planning lifted its position in shares of Rackspace Technology by 114.2% in the second quarter. Creative Planning now owns 25,715 shares of the company's stock worth $33,000 after purchasing an additional 13,708 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Rackspace Technology in the first quarter worth $34,000. Jump Financial LLC bought a new position in Rackspace Technology in the fourth quarter valued at $34,000. Finally, State of Wyoming acquired a new stake in Rackspace Technology in the 1st quarter valued at $35,000. 82.48% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
RXT has been the topic of a number of recent research reports. Wall Street Zen downgraded Rackspace Technology from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Rackspace Technology in a research report on Tuesday, June 2nd. Finally, Royal Bank Of Canada upped their price objective on Rackspace Technology from $2.50 to $4.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 17th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Rackspace Technology presently has an average rating of "Reduce" and an average target price of $4.00.
Read Our Latest Analysis on Rackspace Technology
Rackspace Technology Stock Down 6.8%
NASDAQ:RXT opened at $3.15 on Friday. The stock's 50-day simple moving average is $4.74 and its 200 day simple moving average is $3.46. Rackspace Technology, Inc. has a twelve month low of $0.39 and a twelve month high of $8.60. The firm has a market capitalization of $802.84 million, a PE ratio of -4.85 and a beta of 3.05.
Rackspace Technology (NASDAQ:RXT - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.01. The business had revenue of $670.10 million for the quarter, compared to the consensus estimate of $646.00 million. On average, analysts anticipate that Rackspace Technology, Inc. will post -0.28 EPS for the current fiscal year.
Insider Activity
In other news, CFO Mark A. Marino sold 48,099 shares of the business's stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $5.56, for a total value of $267,430.44. Following the completion of the transaction, the chief financial officer owned 3,370,431 shares in the company, valued at $18,739,596.36. The trade was a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $4.25, for a total transaction of $207,315.00. Following the completion of the transaction, the director owned 180,215 shares in the company, valued at $765,913.75. This trade represents a 21.30% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.30% of the stock is owned by insiders.
Key Stories Impacting Rackspace Technology
Here are the key news stories impacting Rackspace Technology this week:
- Neutral Sentiment: A securities class action has been filed in federal court on behalf of investors who purchased Rackspace securities between May 7 and July 8, 2026. Investors have until September 28, 2026 to seek appointment as lead plaintiff. The deadline notices from several firms largely repeat the same allegations and do not represent separate lawsuits. Rackspace Technology Securities Fraud Class Action Deadline
- Negative Sentiment: The complaints allege that Rackspace and certain executives misled investors about the company’s artificial-intelligence strategy, including the possibility that the pivot would reduce revenue in both cloud segments. One notice says the allegations followed a single-session share-price collapse of approximately 33.6% on unusually heavy volume. These allegations have not been proven in court. Rackspace Investor Class Action Market Impact Alert
- Negative Sentiment: The concentration of investor-alert announcements from numerous securities law firms increases visibility around the alleged disclosure issues and may weigh on sentiment. If the case advances, Rackspace could face litigation costs, management distraction, potential damages and additional disclosure scrutiny.
About Rackspace Technology
(
Free Report)
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
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