Renaissance Technologies LLC Acquires 373,627 Shares of Rackspace Technology, Inc. (NASDAQ:RXT)

Renaissance Technologies LLC grew its stake in Rackspace Technology, Inc. (NASDAQ:RXT - Free Report) by 24.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,929,127 shares of the company's stock after purchasing an additional 373,627 shares during the quarter. Renaissance Technologies LLC owned approximately 0.85% of Rackspace Technology worth $4,263,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Jane Street Group LLC lifted its holdings in shares of Rackspace Technology by 27.4% during the 3rd quarter. Jane Street Group LLC now owns 773,454 shares of the company's stock worth $1,895,000 after acquiring an additional 166,528 shares during the period. FMR LLC increased its holdings in Rackspace Technology by 437.5% in the 3rd quarter. FMR LLC now owns 31,154 shares of the company's stock worth $76,000 after purchasing an additional 25,358 shares in the last quarter. Barclays PLC raised its position in Rackspace Technology by 86.1% in the third quarter. Barclays PLC now owns 109,997 shares of the company's stock valued at $270,000 after purchasing an additional 50,896 shares during the last quarter. Prudential Financial Inc. bought a new stake in shares of Rackspace Technology during the fourth quarter worth about $715,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Rackspace Technology in the fourth quarter valued at approximately $855,000. Institutional investors own 82.48% of the company's stock.

Rackspace Technology Stock Down 0.7 %

Shares of NASDAQ RXT traded down $0.01 during trading on Friday, reaching $1.38. The company had a trading volume of 582,032 shares, compared to its average volume of 935,531. The stock has a market cap of $327.48 million, a P/E ratio of -0.36 and a beta of 2.12. The company's fifty day moving average price is $1.85 and its 200-day moving average price is $2.30. 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 released its quarterly earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.02. The firm had revenue of $685.60 million for the quarter, compared to the consensus estimate of $674.85 million.

Insider Activity at Rackspace Technology

In other news, CFO Mark A. Marino sold 202,230 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $2.61, for a total transaction of $527,820.30. Following the completion of the sale, the chief financial officer now owns 1,713,126 shares of the company's stock, valued at $4,471,258.86. This trade represents a 10.56 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Dharmendra Kumar Sinha sold 17,480 shares of the business's stock in a transaction on 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 in the company, valued at $5,436,374.73. The trade was a 0.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,168,662 shares of company stock worth $2,418,792 over the last quarter. Company insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Barclays cut their target price 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.

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.