SG Americas Securities LLC Acquires 24,431 Shares of Rackspace Technology, Inc. (NASDAQ:RXT)

SG Americas Securities LLC increased its holdings in shares of Rackspace Technology, Inc. (NASDAQ:RXT) by 86.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 52,694 shares of the company’s stock after purchasing an additional 24,431 shares during the quarter. SG Americas Securities LLC’s holdings in Rackspace Technology were worth $105,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of RXT. Sei Investments Co. grew its holdings in shares of Rackspace Technology by 2.9% during the 2nd quarter. Sei Investments Co. now owns 77,628 shares of the company’s stock worth $575,000 after purchasing an additional 2,189 shares in the last quarter. Point72 Hong Kong Ltd raised its position in shares of Rackspace Technology by 144.4% in the 2nd quarter. Point72 Hong Kong Ltd now owns 4,831 shares of the company’s stock valued at $35,000 after buying an additional 2,854 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Rackspace Technology by 693.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,347 shares of the company’s stock worth $37,000 after acquiring an additional 2,925 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Rackspace Technology by 29.6% in the third quarter. Tower Research Capital LLC TRC now owns 14,072 shares of the company’s stock valued at $57,000 after acquiring an additional 3,215 shares during the last quarter. Finally, Vident Investment Advisory LLC raised its position in Rackspace Technology by 16.4% during the first quarter. Vident Investment Advisory LLC now owns 24,676 shares of the company’s stock valued at $275,000 after purchasing an additional 3,475 shares in the last quarter. Institutional investors and hedge funds own 82.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on RXT shares. Evercore ISI lowered their price target on Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating for the company in a report on Wednesday, March 13th. Raymond James reduced their price target on shares of Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 13th. BMO Capital Markets increased their price objective on shares of Rackspace Technology from $1.50 to $2.50 and gave the company a “market perform” rating in a research note on Wednesday, March 13th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $3.00 price target 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 assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $2.31.

Insider Transactions at Rackspace Technology

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

Rackspace Technology Stock Performance

RXT stock opened at $1.60 on Friday. The company has a market capitalization of $351.62 million, a P/E ratio of -0.41 and a beta of 1.94. The company has a fifty day moving average price of $1.79 and a 200-day moving average price of $1.65. Rackspace Technology, Inc. has a 52-week low of $1.05 and a 52-week high of $3.10.

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

Rackspace Technology Profile

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.