JPMorgan Chase & Co. Acquires 166,528 Shares of Rackspace Technology, Inc. (NASDAQ:RXT)

JPMorgan Chase & Co. grew its position in Rackspace Technology, Inc. (NASDAQ:RXT) by 24.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 837,139 shares of the company’s stock after acquiring an additional 166,528 shares during the quarter. JPMorgan Chase & Co. owned 0.37% of Rackspace Technology worth $1,850,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new stake in Rackspace Technology during the 4th quarter worth $855,000. Prudential Financial Inc. bought a new position in shares of Rackspace Technology during the fourth quarter worth $715,000. Franklin Resources Inc. acquired a new position in shares of Rackspace Technology in the 3rd quarter valued at $443,000. Barclays PLC raised its stake in Rackspace Technology by 86.1% during the 3rd quarter. Barclays PLC now owns 109,997 shares of the company’s stock worth $270,000 after buying an additional 50,896 shares during the period. Finally, Empower Advisory Group LLC bought a new position in Rackspace Technology during the fourth quarter worth about $85,000. 82.48% of the stock is owned by institutional investors.

Rackspace Technology Price Performance

Shares of Rackspace Technology stock opened at $1.39 on Friday. Rackspace Technology, Inc. has a 1 year low of $1.24 and a 1 year high of $3.41. The company has a market capitalization of $329.86 million, a P/E ratio of -0.36 and a beta of 2.12. The business has a 50-day moving average of $1.88 and a two-hundred day moving average of $2.31.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings data on Thursday, February 20th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.02. The company had revenue of $685.60 million for the quarter, compared to the consensus estimate of $674.85 million.

Insider Transactions at Rackspace Technology

In related news, CFO Mark A. Marino sold 14,458 shares of the company’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $2.34, for a total transaction of $33,831.72. Following the sale, the chief financial officer now owns 1,915,356 shares in the company, valued at approximately $4,481,933.04. This represents a 0.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Dharmendra Kumar Sinha sold 17,480 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $2.37, for a total value of $41,427.60. Following the transaction, the executive vice president now directly owns 2,293,829 shares of the company’s stock, valued at $5,436,374.73. This trade represents a 0.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,168,662 shares of company stock valued at $2,418,792 in the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

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.