55,095 Shares in Rackspace Technology, Inc. (NASDAQ:RXT) Purchased by Point72 Asset Management L.P.

Point72 Asset Management L.P. bought a new stake in Rackspace Technology, Inc. (NASDAQ:RXT) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 55,095 shares of the company’s stock, valued at approximately $135,000.

Several other institutional investors also recently added to or reduced their stakes in the business. Renaissance Technologies LLC raised its position in shares of 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 last quarter. Jacobs Levy Equity Management Inc. increased its stake in Rackspace Technology by 139.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 814,624 shares of the company’s stock valued at $1,996,000 after acquiring an additional 474,299 shares during the period. US Bancorp DE raised its holdings in Rackspace Technology by 10,766.2% in the 3rd quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after acquiring an additional 16,257 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Rackspace Technology in the 2nd quarter worth approximately $40,000. Finally, Creative Planning acquired a new stake in shares of Rackspace Technology during the 3rd quarter worth approximately $29,000. 82.48% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RXT. UBS Group raised their target price on 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 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 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $2.47.

Insider Buying and Selling at Rackspace Technology

In other Rackspace Technology news, CEO Amar Maletira sold 82,552 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $2.37, for a total value of $195,648.24. Following the completion of the transaction, the chief executive officer now directly owns 4,983,984 shares of the company’s stock, valued at approximately $11,812,042.08. The trade was a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Dharmendra Kumar Sinha sold 88,548 shares of the firm’s 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 $236,423.16. Following the completion of the sale, the executive vice president now directly owns 2,334,166 shares of the company’s stock, valued at approximately $6,232,223.22. This represents a 3.65 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 362,239 shares of company stock worth $909,917. 2.00% of the stock is currently owned by insiders.

Rackspace Technology Stock Performance

Shares of NASDAQ:RXT opened at $2.42 on Friday. The company’s fifty day moving average is $2.59 and its 200-day moving average is $2.47. Rackspace Technology, Inc. has a 52 week low of $1.45 and a 52 week high of $3.41. The company has a market capitalization of $550.72 million, a PE ratio of -0.69 and a beta of 1.99.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.03. The firm had revenue of $675.80 million for the quarter, compared to the consensus estimate of $675.14 million. During the same period in the prior year, the company posted ($0.04) earnings per share. Rackspace Technology’s quarterly revenue was down 7.7% compared to the same quarter last year. On average, analysts forecast that Rackspace Technology, Inc. will post -0.27 EPS for the current year.

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.