Two Sigma Advisers LP Grows Holdings in Rackspace Technology, Inc. (NASDAQ:RXT)

Two Sigma Advisers LP grew its holdings in shares of Rackspace Technology, Inc. (NASDAQ:RXT) by 243.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 264,200 shares of the company’s stock after buying an additional 187,200 shares during the quarter. Two Sigma Advisers LP owned 0.12% of Rackspace Technology worth $584,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its stake in shares of Rackspace Technology by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 595,860 shares of the company’s stock valued at $1,317,000 after buying an additional 5,136 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Rackspace Technology by 24.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,807 shares of the company’s stock valued at $60,000 after buying an additional 5,214 shares during the last quarter. ProShare Advisors LLC boosted its stake in shares of Rackspace Technology by 50.6% during the 4th quarter. ProShare Advisors LLC now owns 19,030 shares of the company’s stock valued at $42,000 after buying an additional 6,398 shares during the last quarter. MetLife Investment Management LLC boosted its stake in shares of Rackspace Technology by 89.4% during the 4th quarter. MetLife Investment Management LLC now owns 17,539 shares of the company’s stock valued at $39,000 after buying an additional 8,281 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Rackspace Technology by 1.6% during the 4th quarter. Invesco Ltd. now owns 610,261 shares of the company’s stock valued at $1,349,000 after buying an additional 9,825 shares during the last quarter. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Rackspace Technology

In other Rackspace Technology news, insider Srini Koushik sold 73,972 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $1.87, for a total value of $138,327.64. Following the sale, the insider now directly owns 935,114 shares in the company, valued at approximately $1,748,663.18. This trade represents a 7.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Mark A. Marino sold 20,217 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $1.87, for a total value of $37,805.79. Following the completion of the sale, the chief financial officer now owns 1,917,446 shares in the company, valued at $3,585,624.02. The trade was a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 792,403 shares of company stock worth $1,481,794. 2.90% of the stock is owned by insiders.

Rackspace Technology Price Performance

Shares of RXT opened at $1.03 on Wednesday. The business’s fifty day moving average price is $1.33 and its 200 day moving average price is $2.04. Rackspace Technology, Inc. has a 12-month low of $1.00 and a 12-month high of $3.41. The stock has a market capitalization of $244.51 million, a PE ratio of -0.27 and a beta of 2.04.

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on RXT. Barclays reduced their target price on Rackspace Technology from $2.00 to $1.00 and set an “underweight” rating for the company in a research note on Friday, April 25th. Royal Bank of Canada reduced their price objective on Rackspace Technology from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Monday, May 12th. UBS Group reduced their price objective on Rackspace Technology from $2.95 to $1.90 and set a “neutral” rating on the stock in a research note on Friday, May 9th. Finally, Raymond James restated a “market perform” rating on shares of Rackspace Technology in a research note on Monday.

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.