386,965 Shares in Rackspace Technology, Inc. (NASDAQ:RXT) Bought by Raymond James Financial Inc.

Raymond James Financial Inc. purchased a new stake in shares of Rackspace Technology, Inc. (NASDAQ:RXT - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 386,965 shares of the company's stock, valued at approximately $855,000. Raymond James Financial Inc. owned approximately 0.17% of Rackspace Technology at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Renaissance Technologies LLC lifted its holdings in Rackspace Technology by 24.0% in the fourth quarter. Renaissance Technologies LLC now owns 1,929,127 shares of the company's stock valued at $4,263,000 after acquiring an additional 373,627 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Rackspace Technology by 3.9% in the fourth quarter. Geode Capital Management LLC now owns 1,737,981 shares of the company's stock worth $3,842,000 after buying an additional 64,923 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Rackspace Technology by 24.8% in the fourth quarter. JPMorgan Chase & Co. now owns 837,139 shares of the company's stock worth $1,850,000 after buying an additional 166,528 shares during the last quarter. Federated Hermes Inc. grew its position in Rackspace Technology by 2.6% during the fourth quarter. Federated Hermes Inc. now owns 791,500 shares of the company's stock valued at $1,749,000 after buying an additional 20,049 shares during the period. Finally, Invesco Ltd. increased its holdings in Rackspace Technology by 1.6% during the fourth quarter. Invesco Ltd. now owns 610,261 shares of the company's stock valued at $1,349,000 after buying an additional 9,825 shares during the last quarter. 82.48% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Rackspace Technology

In other news, insider Srini Koushik sold 73,972 shares of Rackspace Technology stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $1.87, for a total transaction of $138,327.64. Following the sale, the insider now owns 935,114 shares in the company, valued at $1,748,663.18. This trade represents a 7.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Mark A. Marino sold 202,230 shares of the company's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $2.61, for a total transaction of $527,820.30. Following the transaction, the chief financial officer now owns 1,713,126 shares of the company's stock, valued at approximately $4,471,258.86. This represents a 10.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,154,204 shares of company stock valued at $2,384,960 over the last ninety days. 2.00% of the stock is currently owned by company insiders.

Rackspace Technology Trading Down 13.2 %

Rackspace Technology stock traded down $0.19 during midday trading on Friday, hitting $1.25. The stock had a trading volume of 1,627,981 shares, compared to its average volume of 936,687. Rackspace Technology, Inc. has a 52-week low of $1.24 and a 52-week high of $3.41. The company has a market capitalization of $296.74 million, a PE ratio of -0.32 and a beta of 2.14. The firm's fifty day moving average is $1.61 and its two-hundred day moving average is $2.21.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.02. The firm 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 business earned ($0.11) earnings per share. The firm's revenue for the quarter was down 3.7% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on RXT shares. Barclays dropped their price target on shares of Rackspace Technology from $2.00 to $1.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. UBS Group lowered their target price on Rackspace Technology from $2.95 to $1.90 and set a "neutral" rating on the stock in a research report on Friday.

About Rackspace Technology

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.