AQR Capital Management LLC Reduces Holdings in Rackspace Technology, Inc. (NASDAQ:RXT)

AQR Capital Management LLC trimmed its holdings in shares of Rackspace Technology, Inc. (NASDAQ:RXT) by 81.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 110,577 shares of the company’s stock after selling 479,731 shares during the quarter. AQR Capital Management LLC’s holdings in Rackspace Technology were worth $330,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Sargent Investment Group LLC lifted its stake in Rackspace Technology by 86.9% in the second quarter. Sargent Investment Group LLC now owns 215,100 shares of the company’s stock worth $641,000 after acquiring an additional 100,000 shares during the period. Renaissance Technologies LLC lifted its position in shares of Rackspace Technology by 23.7% during the second quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock valued at $3,991,000 after buying an additional 256,900 shares during the last quarter. ClariVest Asset Management LLC lifted its position in shares of Rackspace Technology by 2.8% during the second quarter. ClariVest Asset Management LLC now owns 379,721 shares of the company’s stock valued at $1,132,000 after buying an additional 10,281 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Rackspace Technology during the second quarter valued at about $40,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Rackspace Technology by 17.1% during the second quarter. Bank of New York Mellon Corp now owns 222,778 shares of the company’s stock valued at $664,000 after acquiring an additional 32,468 shares in the last quarter. 82.48% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Rackspace Technology

In other news, CEO Amar Maletira sold 52,206 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $2.35, for a total transaction of $122,684.10. Following the sale, the chief executive officer now owns 5,347,434 shares of the company’s stock, valued at $12,566,469.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $2.36, for a total value of $352,227.64. Following the transaction, the executive vice president now owns 2,466,593 shares in the company, valued at approximately $5,821,159.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Amar Maletira sold 52,206 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $2.35, for a total value of $122,684.10. Following the completion of the transaction, the chief executive officer now owns 5,347,434 shares in the company, valued at $12,566,469.90. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 376,570 shares of company stock valued at $894,330 in the last 90 days. 1.00% of the stock is currently owned by company insiders.

Rackspace Technology Stock Performance

Shares of NASDAQ:RXT opened at $2.81 on Thursday. Rackspace Technology, Inc. has a twelve month low of $1.15 and a twelve month high of $3.18. The company’s 50 day moving average is $2.42 and its 200 day moving average is $2.25. The company has a market cap of $629.02 million, a PE ratio of -0.71 and a beta of 1.98.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.03. The business had revenue of $684.90 million during the quarter, compared to analyst estimates of $669.10 million. Equities research analysts predict that Rackspace Technology, Inc. will post -0.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, UBS Group upped their price objective on shares of Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a report on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $2.15.

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.