Raymond James Financial Inc. Takes $855,000 Position in Rackspace Technology, Inc. (NASDAQ:RXT)

Raymond James Financial Inc. acquired a new position in Rackspace Technology, Inc. (NASDAQ:RXT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 386,965 shares of the company’s stock, valued at approximately $855,000. Raymond James Financial Inc. owned approximately 0.17% of Rackspace Technology as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Renaissance Technologies LLC raised its holdings in shares of Rackspace Technology by 24.0% in the 4th quarter. Renaissance Technologies LLC now owns 1,929,127 shares of the company’s stock valued at $4,263,000 after purchasing an additional 373,627 shares during the period. Prudential Financial Inc. acquired a new stake in shares of Rackspace Technology in the fourth quarter valued at approximately $715,000. JPMorgan Chase & Co. boosted its stake in shares of Rackspace Technology by 24.8% during the 4th quarter. JPMorgan Chase & Co. now owns 837,139 shares of the company’s stock worth $1,850,000 after acquiring an additional 166,528 shares during the period. ExodusPoint Capital Management LP increased its holdings in shares of Rackspace Technology by 321.6% during the 4th quarter. ExodusPoint Capital Management LP now owns 199,078 shares of the company’s stock worth $440,000 after acquiring an additional 151,862 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Rackspace Technology in the 4th quarter valued at $158,000. Institutional investors and hedge funds own 82.48% of the company’s stock.

Rackspace Technology Trading Down 0.7 %

Shares of Rackspace Technology stock opened at $1.40 on Tuesday. The firm’s 50 day moving average is $1.69 and its 200 day moving average is $2.24. The firm has a market capitalization of $332.34 million, a PE ratio of -0.36 and a beta of 2.14. Rackspace Technology, Inc. has a 1 year low of $1.24 and a 1 year high of $3.41.

Rackspace Technology (NASDAQ:RXT) last posted its earnings results on Thursday, February 20th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.02. The business had revenue of $685.60 million for the quarter, compared to analyst estimates of $674.85 million.

Insider Transactions at Rackspace Technology

In related news, EVP Dharmendra Kumar Sinha sold 17,480 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $2.37, for a total transaction of $41,427.60. Following the completion of the sale, the executive vice president now owns 2,293,829 shares in the company, valued at approximately $5,436,374.73. This represents a 0.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Mark A. Marino sold 202,230 shares of Rackspace Technology stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $2.61, for a total transaction of $527,820.30. Following the transaction, the chief financial officer now directly owns 1,713,126 shares in the company, valued at approximately $4,471,258.86. This represents a 10.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,154,204 shares of company stock valued at $2,384,960 in the last quarter. 2.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, Barclays reduced their target price on shares of Rackspace Technology from $2.00 to $1.00 and set an “underweight” rating for the company in a report on Friday, April 25th.

Rackspace Technology Company 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.