Fmr LLC Has $76,000 Position in Rackspace Technology, Inc. (NASDAQ:RXT)

Fmr LLC boosted its holdings in shares of Rackspace Technology, Inc. (NASDAQ:RXT) by 437.5% in the third quarter, Holdings Channel.com reports. The fund owned 31,154 shares of the company’s stock after buying an additional 25,358 shares during the quarter. Fmr LLC’s holdings in Rackspace Technology were worth $76,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Creative Planning acquired a new position in Rackspace Technology during the third quarter valued at approximately $29,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Rackspace Technology in the 2nd quarter valued at $40,000. US Bancorp DE increased its holdings in shares of Rackspace Technology by 10,766.2% in the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock worth $40,000 after acquiring an additional 16,257 shares in the last quarter. Intech Investment Management LLC bought a new stake in Rackspace Technology during the 3rd quarter worth approximately $50,000. Finally, SG Americas Securities LLC raised its holdings in shares of Rackspace Technology by 64.7% during the third quarter. SG Americas Securities LLC now owns 34,467 shares of the company’s stock worth $84,000 after acquiring an additional 13,543 shares during the period. Institutional investors own 82.48% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Barclays upped their price target on Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a research report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $2.47.

Rackspace Technology Stock Up 2.3 %

NASDAQ:RXT opened at $2.22 on Wednesday. Rackspace Technology, Inc. has a twelve month low of $1.45 and a twelve month high of $3.41. The stock’s 50 day moving average price is $2.54 and its two-hundred day moving average price is $2.49. The firm has a market capitalization of $505.20 million, a price-to-earnings ratio of -0.64 and a beta of 1.99.

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

Insider Buying and Selling

In related news, Director Anthony C. Roberts bought 19,455 shares of Rackspace Technology stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average price of $2.60 per share, with a total value of $50,583.00. Following the acquisition, the director now owns 161,930 shares of the company’s stock, valued at approximately $421,018. This represents a 13.66 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Srini Koushik sold 19,470 shares of the stock in a transaction dated 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 directly owns 1,026,279 shares in the company, valued at approximately $2,740,164.93. This represents a 1.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 362,239 shares of company stock worth $909,917. Company insiders own 2.00% of the company’s stock.

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.