Raymond James Financial Inc. Buys New Stake in Rackspace Technology, Inc. (NASDAQ:RXT)

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

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Renaissance Technologies LLC lifted its stake in shares of Rackspace Technology by 24.0% in the fourth quarter. Renaissance Technologies LLC now owns 1,929,127 shares of the company's stock worth $4,263,000 after buying an additional 373,627 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Rackspace Technology by 1.6% in the fourth quarter. Invesco Ltd. now owns 610,261 shares of the company's stock worth $1,349,000 after buying an additional 9,825 shares in the last quarter. Federated Hermes Inc. lifted its stake in shares of Rackspace Technology by 2.6% in the fourth quarter. Federated Hermes Inc. now owns 791,500 shares of the company's stock worth $1,749,000 after buying an additional 20,049 shares in the last quarter. ExodusPoint Capital Management LP lifted its stake in shares of Rackspace Technology by 321.6% in the fourth quarter. ExodusPoint Capital Management LP now owns 199,078 shares of the company's stock worth $440,000 after buying an additional 151,862 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake 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 in the last quarter. Hedge funds and other institutional investors own 82.48% of the company's stock.

Wall Street Analyst Weigh In

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

Rackspace Technology Stock Performance

Shares of NASDAQ RXT traded down $0.19 during midday trading on Friday, reaching $1.25. The stock had a trading volume of 1,627,981 shares, compared to its average volume of 928,111. The stock has a 50-day moving average of $1.61 and a 200-day moving average of $2.21. The company has a market capitalization of $296.74 million, a price-to-earnings ratio of -0.32 and a beta of 2.14. Rackspace Technology, Inc. has a 12-month low of $1.24 and a 12-month 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 analysts' expectations of $657.98 million. The business's revenue was down 3.7% on a year-over-year basis. During the same period in the previous year, the business posted ($0.11) earnings per share.

Insider Activity at Rackspace Technology

In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 17,480 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $2.37, for a total transaction of $41,427.60. Following the transaction, the executive vice president now owns 2,293,829 shares of the company's stock, valued at approximately $5,436,374.73. This trade represents a 0.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Srini Koushik sold 73,972 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 $138,327.64. Following the transaction, the insider now directly owns 935,114 shares in the company, valued at $1,748,663.18. This trade represents a 7.33% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,154,204 shares of company stock worth $2,384,960 in the last 90 days. 2.00% of the stock is owned by corporate insiders.

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.