Ergoteles LLC Takes $168,000 Position in Rackspace Technology, Inc. (NASDAQ:RXT)

Ergoteles LLC acquired a new stake in Rackspace Technology, Inc. (NASDAQ:RXT – Get Rating) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 41,100 shares of the company’s stock, valued at approximately $168,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Swiss National Bank lifted its stake in Rackspace Technology by 24.6% during the second quarter. Swiss National Bank now owns 123,700 shares of the company’s stock worth $887,000 after purchasing an additional 24,400 shares during the last quarter. Samson Rock Capital LLP lifted its stake in Rackspace Technology by 98.8% during the third quarter. Samson Rock Capital LLP now owns 26,967 shares of the company’s stock worth $110,000 after purchasing an additional 13,399 shares during the last quarter. MetLife Investment Management LLC lifted its stake in Rackspace Technology by 21.7% during the third quarter. MetLife Investment Management LLC now owns 30,328 shares of the company’s stock worth $124,000 after purchasing an additional 5,408 shares during the last quarter. ProShare Advisors LLC lifted its stake in Rackspace Technology by 46.0% during the third quarter. ProShare Advisors LLC now owns 17,403 shares of the company’s stock worth $71,000 after purchasing an additional 5,480 shares during the last quarter. Finally, Raymond James & Associates increased its position in Rackspace Technology by 62.7% during the third quarter. Raymond James & Associates now owns 18,426 shares of the company’s stock worth $75,000 after buying an additional 7,103 shares during the period.

Rackspace Technology Stock Down 5.9 %

RXT opened at $2.25 on Wednesday. The business’s fifty day moving average is $2.83 and its two-hundred day moving average is $3.92. The company has a debt-to-equity ratio of 4.48, a quick ratio of 1.25 and a current ratio of 1.25. The company has a market cap of $475.00 million, a price-to-earnings ratio of -0.59 and a beta of 1.41. Rackspace Technology, Inc. has a one year low of $2.20 and a one year high of $12.13.

Rackspace Technology (NASDAQ:RXT – Get Rating) last posted its earnings results on Wednesday, February 22nd. The company reported $0.06 EPS for the quarter, hitting analysts’ consensus estimates of $0.06. The company had revenue of $787.00 million for the quarter, compared to the consensus estimate of $776.33 million. Rackspace Technology had a positive return on equity of 9.97% and a negative net margin of 25.78%. Rackspace Technology’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.25 earnings per share. Analysts anticipate that Rackspace Technology, Inc. will post -0.04 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on RXT. Deutsche Bank Aktiengesellschaft cut their price target on Rackspace Technology from $5.00 to $3.00 in a research report on Thursday, February 23rd. Barclays cut their price target on Rackspace Technology from $4.00 to $2.00 and set an “underweight” rating on the stock in a research report on Monday, December 19th. Royal Bank of Canada cut their price target on Rackspace Technology from $6.00 to $4.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 23rd. Credit Suisse Group cut their price target on Rackspace Technology from $8.00 to $6.10 and set an “outperform” rating on the stock in a research report on Thursday, February 23rd. Finally, BMO Capital Markets dropped their target price on Rackspace Technology from $6.00 to $3.50 and set a “market perform” rating on the stock in a report on Thursday, February 23rd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Rackspace Technology currently has a consensus rating of “Hold” and an average price target of $5.07.

About Rackspace Technology

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Rackspace Technology, Inc operates as a multi cloud technology services company worldwide. It operates through Multicloud Services and Apps & Cross Platform segments. The company's Multicloud Services segment provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; and professional services related to designing and building multi cloud solutions and cloud-native applications.