Rackspace Technology, Inc. (NASDAQ:RXT) Shares Purchased by Two Sigma Investments LP

Two Sigma Investments LP grew its holdings in shares of Rackspace Technology, Inc. (NASDAQ:RXT - Free Report) by 1,692.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 406,621 shares of the company's stock after acquiring an additional 383,938 shares during the period. Two Sigma Investments LP owned about 0.18% of Rackspace Technology worth $899,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Balyasny Asset Management L.P. acquired a new stake in Rackspace Technology in the fourth quarter valued at $36,000. MetLife Investment Management LLC raised its stake in shares of Rackspace Technology by 89.4% in the 4th 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 in the last quarter. ProShare Advisors LLC lifted its position in shares of Rackspace Technology by 50.6% during the fourth quarter. ProShare Advisors LLC now owns 19,030 shares of the company's stock worth $42,000 after purchasing an additional 6,398 shares during the last quarter. Aquatic Capital Management LLC bought a new position in shares of Rackspace Technology during the fourth quarter worth about $45,000. Finally, Quantbot Technologies LP acquired a new position in Rackspace Technology in the fourth quarter worth about $57,000. 82.48% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on RXT. Royal Bank of Canada cut their price objective on 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. UBS Group lowered their price target on Rackspace Technology from $2.95 to $1.90 and set a "neutral" rating for the company in a report on Friday, May 9th. Wall Street Zen cut Rackspace Technology from a "hold" rating to a "sell" rating in a research note on Friday. Barclays decreased their price objective 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. Finally, Raymond James restated a "market perform" rating on shares of Rackspace Technology in a research report on Monday, June 2nd. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Based on data from MarketBeat, Rackspace Technology currently has an average rating of "Hold" and an average target price of $1.63.

Rackspace Technology Stock Performance

Shares of Rackspace Technology stock traded up $0.02 on Friday, reaching $1.18. 632,906 shares of the company were exchanged, compared to its average volume of 933,192. The firm has a market cap of $280.12 million, a price-to-earnings ratio of -0.30 and a beta of 2.04. Rackspace Technology, Inc. has a 1-year low of $1.00 and a 1-year high of $3.41. The company's 50-day moving average is $1.30 and its two-hundred day moving average is $2.02.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates 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 in the previous year, the company earned ($0.11) earnings per share. Rackspace Technology's quarterly revenue was down 3.7% compared to the same quarter last year.

Insider Transactions at Rackspace Technology

In related news, CEO Amar Maletira sold 521,840 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $1.87, for a total value of $975,840.80. Following the sale, the chief executive officer now directly owns 4,368,328 shares in the company, valued at $8,168,773.36. This trade represents a 10.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark A. Marino sold 20,217 shares of Rackspace Technology stock in a transaction on Monday, March 17th. The shares were sold at an average price of $1.87, for a total value of $37,805.79. Following the sale, the chief financial officer now directly owns 1,917,446 shares in the company, valued at $3,585,624.02. The trade was a 1.04% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 792,403 shares of company stock worth $1,481,794. 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.