Mackenzie Financial Corp Sells 17,621 Shares of Rackspace Technology, Inc. (NASDAQ:RXT)

Mackenzie Financial Corp lowered its position in shares of Rackspace Technology, Inc. (NASDAQ:RXT) by 0.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 6,899,987 shares of the company’s stock after selling 17,621 shares during the quarter. Mackenzie Financial Corp’s holdings in Rackspace Technology were worth $13,800,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Apollo Management Holdings L.P. bought a new stake in shares of Rackspace Technology in the 1st quarter valued at $243,665,000. Millennium Management LLC bought a new stake in Rackspace Technology in the fourth quarter valued at $8,901,000. Vanguard Group Inc. raised its holdings in shares of Rackspace Technology by 54.2% during the first quarter. Vanguard Group Inc. now owns 5,291,508 shares of the company’s stock valued at $59,054,000 after purchasing an additional 1,860,141 shares during the period. Legal & General Group Plc boosted its position in shares of Rackspace Technology by 63.3% during the 4th quarter. Legal & General Group Plc now owns 4,726,106 shares of the company’s stock worth $13,942,000 after purchasing an additional 1,832,833 shares in the last quarter. Finally, BlackRock Inc. grew its stake in shares of Rackspace Technology by 33.1% in the 2nd quarter. BlackRock Inc. now owns 5,789,497 shares of the company’s stock valued at $15,747,000 after buying an additional 1,439,285 shares during the period. 82.48% of the stock is currently owned by institutional investors and hedge funds.

Rackspace Technology Price Performance

NASDAQ RXT opened at $1.57 on Friday. The business has a fifty day simple moving average of $1.79 and a 200 day simple moving average of $1.66. Rackspace Technology, Inc. has a 12 month low of $1.05 and a 12 month high of $3.10.

Rackspace Technology (NASDAQ:RXT) last announced its earnings results on Tuesday, March 12th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. Rackspace Technology had a negative net margin of 28.33% and a negative return on equity of 10.18%. The company had revenue of $720.00 million during the quarter, compared to the consensus estimate of $714.74 million. During the same quarter in the prior year, the company posted $0.06 earnings per share. The firm’s revenue for the quarter was down 8.5% on a year-over-year basis. On average, analysts anticipate that Rackspace Technology, Inc. will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Amar Maletira sold 37,446 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $1.92, for a total value of $71,896.32. Following the completion of the transaction, the chief executive officer now directly owns 4,638,423 shares of the company’s stock, valued at $8,905,772.16. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Brian Lillie sold 139,701 shares of the firm’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $1.62, for a total transaction of $226,315.62. Following the completion of the sale, the executive vice president now owns 1,608,258 shares in the company, valued at $2,605,377.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Amar Maletira sold 37,446 shares of Rackspace Technology stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $1.92, for a total transaction of $71,896.32. Following the completion of the sale, the chief executive officer now directly owns 4,638,423 shares in the company, valued at approximately $8,905,772.16. The disclosure for this sale can be found here. Insiders have sold a total of 189,463 shares of company stock valued at $318,164 in the last 90 days. 1.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Raymond James dropped their price target on Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 13th. Evercore ISI lowered their target price on Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating on the stock in a research report on Wednesday, March 13th. BMO Capital Markets lifted their price target on shares of Rackspace Technology from $1.50 to $2.50 and gave the company a “market perform” rating in a research report on Wednesday, March 13th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $3.00 price objective on shares of Rackspace Technology in a report on Wednesday, March 13th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $2.31.

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.