Raymond James Financial Inc. Acquires New Position in Rackspace Technology, Inc. (NASDAQ:RXT)

Raymond James Financial Inc. bought a new position in shares of Rackspace Technology, Inc. (NASDAQ:RXT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 386,965 shares of the company's stock, valued at approximately $855,000. Raymond James Financial Inc. owned 0.17% of Rackspace Technology at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in RXT. Jacobs Levy Equity Management Inc. raised its stake in Rackspace Technology by 139.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 814,624 shares of the company's stock valued at $1,996,000 after purchasing an additional 474,299 shares during the period. Jane Street Group LLC raised its position in shares of Rackspace Technology by 27.4% during the third quarter. Jane Street Group LLC now owns 773,454 shares of the company's stock valued at $1,895,000 after buying an additional 166,528 shares during the last quarter. FMR LLC raised its position in shares of Rackspace Technology by 437.5% during the third quarter. FMR LLC now owns 31,154 shares of the company's stock valued at $76,000 after buying an additional 25,358 shares during the last quarter. Barclays PLC lifted its holdings in shares of Rackspace Technology by 86.1% in the third quarter. Barclays PLC now owns 109,997 shares of the company's stock worth $270,000 after buying an additional 50,896 shares in the last quarter. Finally, Franklin Resources Inc. bought a new position in shares of Rackspace Technology during the third quarter worth $443,000. Hedge funds and other institutional investors own 82.48% of the company's stock.

Rackspace Technology Trading Up 8.1 %

RXT traded up $0.11 during trading on Wednesday, hitting $1.46. 1,741,609 shares of the company traded hands, compared to its average volume of 938,506. The company has a market cap of $346.47 million, a PE ratio of -0.38 and a beta of 2.12. Rackspace Technology, Inc. has a 1 year low of $1.31 and a 1 year high of $3.41. The stock's 50-day simple moving average is $2.22 and its two-hundred day simple moving average is $2.40.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.02. The firm had revenue of $685.60 million for the quarter, compared to analysts' expectations of $674.85 million.

Insider Transactions at Rackspace Technology

In other news, CFO Mark A. Marino sold 14,458 shares of the company's stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $2.34, for a total transaction of $33,831.72. Following the sale, the chief financial officer now directly owns 1,915,356 shares in the company, valued at approximately $4,481,933.04. This represents a 0.75 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Amar Maletira sold 38,355 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $2.37, for a total transaction of $90,901.35. Following the completion of the transaction, the chief executive officer now directly owns 4,890,168 shares of the company's stock, valued at approximately $11,589,698.16. The trade was a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,168,662 shares of company stock valued at $2,418,792 in the last ninety days. Corporate insiders own 2.00% of the company's stock.

Rackspace Technology Company 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.