Two Sigma Investments LP Boosts Position in Rackspace Technology, Inc. (NASDAQ:RXT)

Two Sigma Investments LP lifted its stake in Rackspace Technology, Inc. (NASDAQ:RXT - Free Report) by 1,692.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 406,621 shares of the company's stock after purchasing an additional 383,938 shares during the quarter. Two Sigma Investments LP owned about 0.18% of Rackspace Technology worth $899,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RXT. ProShare Advisors LLC increased its holdings in shares of Rackspace Technology by 50.6% during the 4th quarter. ProShare Advisors LLC now owns 19,030 shares of the company's stock worth $42,000 after buying an additional 6,398 shares during the last quarter. Millennium Management LLC increased its stake in Rackspace Technology by 38.0% during the fourth quarter. Millennium Management LLC now owns 490,994 shares of the company's stock worth $1,085,000 after acquiring an additional 135,140 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its stake in Rackspace Technology by 8.2% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 881,148 shares of the company's stock worth $1,947,000 after acquiring an additional 66,524 shares during the last quarter. Graham Capital Management L.P. purchased a new stake in Rackspace Technology in the fourth quarter valued at $104,000. Finally, D. E. Shaw & Co. Inc. lifted its stake in shares of Rackspace Technology by 2.5% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,203,806 shares of the company's stock valued at $2,660,000 after purchasing an additional 29,047 shares during the last quarter. Institutional investors and hedge funds own 82.48% of the company's stock.

Rackspace Technology Stock Up 3.9%

NASDAQ RXT traded up $0.05 during trading on Tuesday, hitting $1.32. The stock had a trading volume of 1,041,096 shares, compared to its average volume of 933,448. The company has a market capitalization of $313.35 million, a PE ratio of -0.34 and a beta of 2.04. The firm has a 50 day moving average price of $1.29 and a 200 day moving average price of $2.00. Rackspace Technology, Inc. has a twelve month low of $1.00 and a twelve month high of $3.41.

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 for the quarter, beating analysts' consensus estimates of ($0.08) by $0.02. The business had revenue of $665.40 million during the quarter, compared to analyst estimates of $657.98 million. The company's revenue for the quarter was down 3.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.11) EPS.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Royal Bank of Canada cut 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. Wall Street Zen lowered shares of Rackspace Technology from a "hold" rating to a "sell" rating in a research note on Friday. UBS Group reduced 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. Raymond James restated a "market perform" rating on shares of Rackspace Technology in a report on Monday, June 2nd. Finally, Barclays dropped their target price on shares of Rackspace Technology from $2.00 to $1.00 and set an "underweight" rating for the company in a report on Friday, April 25th. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $1.63.

Insider Activity at Rackspace Technology

In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 176,374 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $1.87, for a total value of $329,819.38. Following the sale, the executive vice president now directly owns 2,117,455 shares of the company's stock, valued at approximately $3,959,640.85. This represents a 7.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Mark A. Marino sold 20,217 shares of the firm'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 $37,805.79. Following the completion of the sale, the chief financial officer now owns 1,917,446 shares in the company, valued at $3,585,624.02. The trade was a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 792,403 shares of company stock worth $1,481,794. Company insiders own 2.90% of the company's stock.

Rackspace Technology 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.