Public Employees Retirement System of Ohio Boosts Stock Position in Rackspace Technology, Inc. (NASDAQ:RXT)

Public Employees Retirement System of Ohio raised its holdings in Rackspace Technology, Inc. (NASDAQ:RXT) by 32.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 127,851 shares of the company’s stock after purchasing an additional 30,983 shares during the period. Public Employees Retirement System of Ohio owned about 0.06% of Rackspace Technology worth $313,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. The Manufacturers Life Insurance Company grew its stake in Rackspace Technology by 44.7% in the second quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock worth $89,000 after purchasing an additional 9,275 shares in the last quarter. ClariVest Asset Management LLC lifted its holdings in Rackspace Technology by 2.8% during the 2nd quarter. ClariVest Asset Management LLC now owns 379,721 shares of the company’s stock worth $1,132,000 after buying an additional 10,281 shares during the last quarter. Creative Planning acquired a new position in shares of Rackspace Technology in the 3rd quarter worth approximately $29,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Rackspace Technology in the 2nd quarter valued at approximately $40,000. Finally, SG Americas Securities LLC raised its position in shares of Rackspace Technology by 64.7% during the 3rd quarter. SG Americas Securities LLC now owns 34,467 shares of the company’s stock valued at $84,000 after acquiring an additional 13,543 shares in the last quarter. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

Rackspace Technology Price Performance

NASDAQ:RXT opened at $2.25 on Friday. The firm has a market capitalization of $512.03 million, a P/E ratio of -0.64 and a beta of 1.99. The business has a 50 day simple moving average of $2.55 and a 200 day simple moving average of $2.49. Rackspace Technology, Inc. has a 12-month low of $1.45 and a 12-month high of $3.41.

Rackspace Technology (NASDAQ:RXT) last posted its earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. The company had revenue of $675.80 million during the quarter, compared to the consensus estimate of $675.14 million. The business’s quarterly revenue was down 7.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.04) earnings per share. Research analysts anticipate that Rackspace Technology, Inc. will post -0.27 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Barclays lifted their price objective on shares of Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a report on Monday, November 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $2.47.

Insider Buying and Selling at Rackspace Technology

In related news, Director Anthony C. Roberts purchased 19,455 shares of the company’s stock in a transaction on Friday, December 6th. The shares were bought at an average cost of $2.60 per share, for a total transaction of $50,583.00. Following the transaction, the director now owns 161,930 shares of the company’s stock, valued at $421,018. This represents a 13.66 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CTO Srini Koushik sold 19,470 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $2.67, for a total transaction of $51,984.90. Following the completion of the transaction, the chief technology officer now owns 1,026,279 shares of the company’s stock, valued at $2,740,164.93. This trade represents a 1.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 362,239 shares of company stock valued at $909,917 in the last ninety days. Company insiders own 2.00% of the company’s stock.

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.