Rackspace Technology, Inc. (NASDAQ:RXT) Shares Acquired by US Bancorp DE

US Bancorp DE lifted its stake in shares of Rackspace Technology, Inc. (NASDAQ:RXT) by 10,766.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,408 shares of the company’s stock after purchasing an additional 16,257 shares during the quarter. US Bancorp DE’s holdings in Rackspace Technology were worth $40,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RXT. Renaissance Technologies LLC raised its position 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 buying an additional 256,900 shares during the period. Sargent Investment Group LLC increased its position in Rackspace Technology by 86.9% during the second quarter. Sargent Investment Group LLC now owns 215,100 shares of the company’s stock worth $641,000 after buying an additional 100,000 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Rackspace Technology by 17.1% in the 2nd 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. Susquehanna Fundamental Investments LLC lifted its stake in shares of Rackspace Technology by 143.7% in the second quarter. Susquehanna Fundamental Investments LLC now owns 53,506 shares of the company’s stock worth $159,000 after buying an additional 31,550 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its holdings in Rackspace Technology by 30.1% during the first quarter. Public Employees Retirement System of Ohio now owns 133,484 shares of the company’s stock valued at $211,000 after acquiring an additional 30,916 shares during the period. Institutional investors own 82.48% of the company’s stock.

Rackspace Technology Stock Performance

NASDAQ:RXT opened at $2.46 on Tuesday. Rackspace Technology, Inc. has a 52-week low of $1.22 and a 52-week high of $3.41. The company has a market cap of $558.68 million, a P/E ratio of -0.70 and a beta of 1.97. The stock’s 50-day simple moving average is $2.55 and its 200 day simple moving average is $2.40.

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

Insider Activity

In related news, CEO Amar Maletira sold 82,552 shares of the company’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $2.37, for a total transaction of $195,648.24. Following the completion of the sale, the chief executive officer now directly owns 4,983,984 shares in the company, valued at $11,812,042.08. This represents a 1.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders sold 219,581 shares of company stock worth $523,604. 2.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

RXT has been the topic of a number of research reports. UBS Group boosted their target price on shares of Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a research report on Friday, August 16th. Barclays raised their target price on Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a research report on Monday. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $2.29.

About Rackspace Technology

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.