168,131 Shares in Rackspace Technology, Inc. (NASDAQ:RXT) Purchased by GSA Capital Partners LLP

GSA Capital Partners LLP purchased a new stake in Rackspace Technology, Inc. (NASDAQ:RXT) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 168,131 shares of the company’s stock, valued at approximately $412,000.

A number of other institutional investors have also modified their holdings of the company. Renaissance Technologies LLC increased its stake in 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 purchasing an additional 256,900 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Rackspace Technology by 30.1% in the first quarter. Public Employees Retirement System of Ohio now owns 133,484 shares of the company’s stock valued at $211,000 after purchasing an additional 30,916 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its position in Rackspace Technology by 98.2% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock valued at $51,000 after acquiring an additional 16,484 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Rackspace Technology in the 2nd quarter valued at approximately $40,000. Finally, Creative Planning acquired a new stake in Rackspace Technology in the 3rd quarter valued at approximately $29,000. Hedge funds and other institutional investors own 82.48% of the company’s stock.

Insider Buying and Selling at Rackspace Technology

In other Rackspace Technology news, CEO Amar Maletira sold 82,552 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $2.37, for a total value of $195,648.24. Following the sale, the chief executive officer now owns 4,983,984 shares in the company, valued at $11,812,042.08. This trade represents a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

RXT has been the subject of a number of research reports. UBS Group increased their price target on Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a research note on Friday, August 16th. Barclays raised their target price on Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a report on Monday. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Rackspace Technology has an average rating of “Hold” and a consensus price target of $2.47.

Rackspace Technology Stock Performance

Shares of Rackspace Technology stock opened at $2.38 on Friday. The firm has a fifty day moving average of $2.55 and a two-hundred day moving average of $2.41. The stock has a market capitalization of $541.62 million, a price-to-earnings ratio of -0.68 and a beta of 1.97. Rackspace Technology, Inc. has a 52 week low of $1.22 and a 52 week high of $3.41.

Rackspace Technology (NASDAQ:RXT) last announced its earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.03. The company had revenue of $675.80 million during the quarter, compared to analyst estimates of $675.14 million. Rackspace Technology’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.04) earnings per share. As a group, research analysts forecast that Rackspace Technology, Inc. will post -0.27 EPS for the current fiscal year.

Rackspace Technology 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.