Mackenzie Financial Corp decreased its holdings in Rackspace Technology, Inc. (NASDAQ:RXT - Free Report) by 43.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,261,615 shares of the company's stock after selling 2,550,080 shares during the quarter. Mackenzie Financial Corp owned approximately 1.43% of Rackspace Technology worth $7,208,000 as of its most recent filing with the SEC.
Several other institutional investors have also modified their holdings of the business. Raymond James Financial Inc. acquired a new stake in Rackspace Technology during the fourth quarter valued at approximately $855,000. Two Sigma Investments LP raised its stake in Rackspace Technology by 1,692.6% during the fourth quarter. Two Sigma Investments LP now owns 406,621 shares of the company's stock valued at $899,000 after buying an additional 383,938 shares in the last quarter. Renaissance Technologies LLC raised its stake in Rackspace Technology by 24.0% during the fourth 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. Prudential Financial Inc. acquired a new stake in Rackspace Technology during the fourth quarter valued at approximately $715,000. Finally, Walleye Capital LLC acquired a new stake in Rackspace Technology during the fourth quarter valued at approximately $530,000. Institutional investors and hedge funds own 82.48% of the company's stock.
Wall Street Analyst Weigh In
Several research firms have recently commented on RXT. Barclays lowered their target price on Rackspace Technology from $2.00 to $1.00 and set an "underweight" rating for the company in a report on Friday, April 25th. Royal Bank of Canada lowered their price target on Rackspace Technology from $3.00 to $2.00 and set a "sector perform" rating on the stock in a research report on Monday, May 12th. Finally, UBS Group lowered their price target 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.
Read Our Latest Research Report on RXT
Rackspace Technology Stock Up 2.2%
Shares of Rackspace Technology stock traded up $0.03 during midday trading on Friday, hitting $1.19. The company's stock had a trading volume of 1,246,750 shares, compared to its average volume of 928,098. The firm has a market capitalization of $281.31 million, a P/E ratio of -0.31 and a beta of 2.14. The stock has a 50-day simple moving average of $1.36 and a 200-day simple moving average of $2.06. Rackspace Technology, Inc. has a 1-year low of $1.06 and a 1-year high of $3.41.
Rackspace Technology (NASDAQ:RXT - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.02. The company had revenue of $665.40 million for the quarter, compared to the consensus estimate of $657.98 million. During the same quarter last year, the business earned ($0.11) earnings per share. Rackspace Technology's quarterly revenue was down 3.7% on a year-over-year basis.
Insider Transactions at Rackspace Technology
In other news, EVP Dharmendra Kumar Sinha sold 17,480 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $2.37, for a total value of $41,427.60. Following the completion of the transaction, the executive vice president now owns 2,293,829 shares in the company, valued at $5,436,374.73. This trade represents a 0.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Amar Maletira sold 521,840 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 transaction of $975,840.80. Following the completion of the sale, the chief executive officer now owns 4,368,328 shares of the company's stock, valued at $8,168,773.36. This trade represents a 10.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 857,403 shares of company stock valued at $1,635,844 in the last three months. 2.90% of the stock is owned by corporate insiders.
About Rackspace Technology
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Free Report)
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.
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