Creative Planning Buys Shares of 11,998 Rackspace Technology, Inc. (NASDAQ:RXT)

Creative Planning bought a new stake in Rackspace Technology, Inc. (NASDAQ:RXT) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 11,998 shares of the company’s stock, valued at approximately $29,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RXT. Renaissance Technologies LLC grew its stake in shares of Rackspace Technology by 23.7% in 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 in the last quarter. ClariVest Asset Management LLC grew its stake in shares of Rackspace Technology by 2.8% in the second quarter. ClariVest Asset Management LLC now owns 379,721 shares of the company’s stock valued at $1,132,000 after buying an additional 10,281 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Rackspace Technology by 17.1% in the second quarter. Bank of New York Mellon Corp now owns 222,778 shares of the company’s stock valued at $664,000 after buying an additional 32,468 shares in the last quarter. Sargent Investment Group LLC grew its stake in shares of Rackspace Technology by 86.9% in the second quarter. Sargent Investment Group LLC now owns 215,100 shares of the company’s stock valued at $641,000 after buying an additional 100,000 shares in the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Rackspace Technology by 30.1% in the first quarter. Public Employees Retirement System of Ohio now owns 133,484 shares of the company’s stock valued at $211,000 after buying an additional 30,916 shares in the last quarter. Hedge funds and other institutional investors own 82.48% of the company’s stock.

Rackspace Technology Price Performance

RXT opened at $3.03 on Thursday. Rackspace Technology, Inc. has a 12 month low of $1.22 and a 12 month high of $3.41. The business has a fifty day moving average price of $2.52 and a 200 day moving average price of $2.38.

Rackspace Technology (NASDAQ:RXT) last released its earnings results on Tuesday, November 12th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.04. The company had revenue of $675.80 million for the quarter, compared to analyst estimates of $675.14 million. The company’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.04) earnings per share. Research analysts anticipate that Rackspace Technology, Inc. will post -0.32 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, UBS Group lifted their price objective on Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a research note on Friday, August 16th. One research 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.com, the company presently has an average rating of “Hold” and a consensus target price of $2.34.

Insider Activity

In other news, CEO Amar Maletira sold 82,552 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $2.37, for a total value of $195,648.24. Following the completion of the sale, 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 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders sold 227,321 shares of company stock valued at $542,103. 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.