Balyasny Asset Management L.P. Invests $36,000 in Rackspace Technology, Inc. (NASDAQ:RXT)

Balyasny Asset Management L.P. acquired a new stake in shares of Rackspace Technology, Inc. (NASDAQ:RXT) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 16,355 shares of the company’s stock, valued at approximately $36,000.

A number of other institutional investors have also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new stake in shares of Rackspace Technology in the 4th quarter valued at $855,000. Renaissance Technologies LLC lifted its position in shares of Rackspace Technology by 24.0% in the fourth quarter. Renaissance Technologies LLC now owns 1,929,127 shares of the company’s stock worth $4,263,000 after buying an additional 373,627 shares during the last quarter. Prudential Financial Inc. acquired a new stake in shares of Rackspace Technology in the fourth quarter worth about $715,000. Walleye Capital LLC bought a new stake in shares of Rackspace Technology during the 4th quarter worth about $530,000. Finally, JPMorgan Chase & Co. increased its holdings 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 valued at $1,850,000 after acquiring an additional 166,528 shares during the last quarter. Institutional investors and hedge funds own 82.48% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on RXT shares. UBS Group decreased their target price on Rackspace Technology from $2.95 to $1.90 and set a “neutral” rating for the company in a research report on Friday, May 9th. Barclays reduced their price objective on shares of Rackspace Technology from $2.00 to $1.00 and set an “underweight” rating for the company in a research note on Friday, April 25th. Finally, Royal Bank of Canada decreased their price objective on shares of Rackspace Technology from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Monday, May 12th.

Insiders Place Their Bets

In other news, insider Srini Koushik sold 73,972 shares of Rackspace Technology stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $1.87, for a total transaction of $138,327.64. Following the sale, the insider now owns 935,114 shares of the company’s stock, valued at approximately $1,748,663.18. This trade represents a 7.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark A. Marino sold 202,230 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $2.61, for a total value of $527,820.30. Following the sale, the chief financial officer now owns 1,713,126 shares in the company, valued at approximately $4,471,258.86. This represents a 10.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,154,204 shares of company stock worth $2,384,960 in the last ninety days. Insiders own 2.90% of the company’s stock.

Rackspace Technology Stock Performance

NASDAQ RXT opened at $1.24 on Tuesday. The stock has a 50-day simple moving average of $1.50 and a 200 day simple moving average of $2.16. Rackspace Technology, Inc. has a twelve month low of $1.18 and a twelve month high of $3.41. The stock has a market capitalization of $294.36 million, a PE ratio of -0.32 and a beta of 2.14.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The business had revenue of $665.40 million for the quarter, compared to analyst estimates of $657.98 million. During the same quarter last year, the firm earned ($0.11) earnings per share. The firm’s quarterly revenue was down 3.7% compared to the same quarter last 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.