Charles Schwab Investment Management Inc. Has $1.45 Million Stock Holdings in Rackspace Technology, Inc. (NASDAQ:RXT)

Charles Schwab Investment Management Inc. increased its position in shares of Rackspace Technology, Inc. (NASDAQ:RXT) by 7.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 590,724 shares of the company’s stock after acquiring an additional 41,697 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.26% of Rackspace Technology worth $1,447,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Intech Investment Management LLC bought a new stake in shares of Rackspace Technology in the third quarter worth $50,000. Sargent Investment Group LLC boosted its stake in Rackspace Technology by 25.6% in the third quarter. Sargent Investment Group LLC now owns 270,100 shares of the company’s stock valued at $662,000 after buying an additional 55,000 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in shares of Rackspace Technology during the 3rd quarter valued at $412,000. US Bancorp DE raised its stake in shares of Rackspace Technology by 10,766.2% during the third 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 during the last quarter. Finally, Creative Planning bought a new position in Rackspace Technology during the 3rd quarter worth approximately $29,000. 82.48% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Barclays raised their target price on Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a research note on Monday, November 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Rackspace Technology has an average rating of “Hold” and an average target price of $2.47.

Rackspace Technology Stock Up 1.2 %

RXT opened at $2.45 on Tuesday. Rackspace Technology, Inc. has a twelve month low of $1.45 and a twelve month high of $3.41. The firm has a 50-day moving average price of $2.59 and a 200-day moving average price of $2.48. The company has a market capitalization of $557.55 million, a price-to-earnings ratio of -0.70 and a beta of 1.99.

Rackspace Technology (NASDAQ:RXT) last announced its earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.03. The business had revenue of $675.80 million during the quarter, compared to the consensus estimate of $675.14 million. During the same quarter in the prior year, the company earned ($0.04) earnings per share. Rackspace Technology’s revenue was down 7.7% compared to the same quarter last year. On average, sell-side analysts expect that Rackspace Technology, Inc. will post -0.27 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Srini Koushik sold 19,470 shares of the company’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 value of $51,984.90. Following the transaction, the chief technology officer now owns 1,026,279 shares in the company, valued at approximately $2,740,164.93. This represents a 1.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Amar Maletira sold 82,552 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer now owns 4,983,984 shares of the company’s stock, valued at $11,812,042.08. This represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 362,239 shares of company stock worth $909,917. 2.00% of the stock is currently owned by insiders.

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.