Renaissance Technologies LLC grew its stake in shares of Rackspace Technology, Inc. (NASDAQ:RXT – Free Report) by 23.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,339,200 shares of the company’s stock after acquiring an additional 256,900 shares during the period. Renaissance Technologies LLC owned about 0.60% of Rackspace Technology worth $3,991,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. ClariVest Asset Management LLC grew its holdings in Rackspace Technology by 2.8% in the second quarter. ClariVest Asset Management LLC now owns 379,721 shares of the company’s stock worth $1,132,000 after purchasing an additional 10,281 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Rackspace Technology in the second quarter valued at about $40,000. Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Rackspace Technology by 98.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock valued at $51,000 after purchasing an additional 16,484 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Rackspace Technology during the 1st quarter worth $35,000. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Rackspace Technology by 30.1% in the 1st quarter. Public Employees Retirement System of Ohio now owns 133,484 shares of the company’s stock valued at $211,000 after buying an additional 30,916 shares during the period. Hedge funds and other institutional investors own 82.48% of the company’s stock.
Insider Activity
In other news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 2,466,593 shares in the company, valued at approximately $5,821,159.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $2.36, for a total transaction of $352,227.64. Following the completion of the transaction, the executive vice president now directly owns 2,466,593 shares of the company’s stock, valued at approximately $5,821,159.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Amar Maletira sold 52,206 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $2.35, for a total value of $122,684.10. Following the transaction, the chief executive officer now owns 5,347,434 shares of the company’s stock, valued at approximately $12,566,469.90. The disclosure for this sale can be found here. Insiders sold 209,195 shares of company stock worth $493,410 over the last ninety days. Corporate insiders own 1.00% of the company’s stock.
Analysts Set New Price Targets
View Our Latest Stock Report on RXT
Rackspace Technology Stock Performance
Shares of NASDAQ RXT opened at $2.47 on Friday. Rackspace Technology, Inc. has a one year low of $1.15 and a one year high of $3.18. The firm has a market capitalization of $558.29 million, a P/E ratio of -0.62 and a beta of 1.97. The company’s fifty day moving average is $2.33 and its two-hundred day moving average is $2.16.
Rackspace Technology (NASDAQ:RXT – Get Free Report) last issued its 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 firm had revenue of $684.90 million during the quarter, compared to analysts’ expectations of $669.10 million. On average, sell-side analysts forecast that Rackspace Technology, Inc. will post -0.32 earnings per share 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.
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