Millennium Management LLC Grows Stock Position in Rackspace Technology, Inc. (NASDAQ:RXT)

Millennium Management LLC increased its holdings in Rackspace Technology, Inc. (NASDAQ:RXT) by 38.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 490,994 shares of the company’s stock after buying an additional 135,140 shares during the period. Millennium Management LLC owned about 0.22% of Rackspace Technology worth $1,085,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its stake in 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 last quarter. Geode Capital Management LLC raised its stake in Rackspace Technology by 3.9% in the 4th quarter. Geode Capital Management LLC now owns 1,737,981 shares of the company’s stock valued at $3,842,000 after purchasing an additional 64,923 shares during the last quarter. D. E. Shaw & Co. Inc. raised its stake in Rackspace Technology by 2.5% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,203,806 shares of the company’s stock valued at $2,660,000 after purchasing an additional 29,047 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of Rackspace Technology by 8.2% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 881,148 shares of the company’s stock valued at $1,947,000 after acquiring an additional 66,524 shares during the last quarter. Finally, JPMorgan Chase & Co. increased 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 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.

Rackspace Technology Stock Performance

RXT opened at $1.18 on Thursday. The firm has a 50 day moving average price of $1.32 and a 200 day moving average price of $2.04. The company has a market cap of $280.12 million, a PE ratio of -0.30 and a beta of 2.04. Rackspace Technology, Inc. has a 1 year low of $1.00 and a 1 year high of $3.41.

Rackspace Technology (NASDAQ:RXT) last posted its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (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. The firm’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same period last year, the company posted ($0.11) EPS.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RXT. Raymond James reaffirmed a “market perform” rating on shares of Rackspace Technology in a research note on Monday. Barclays dropped 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. Royal Bank of Canada dropped 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 research note on Monday, May 12th. Finally, UBS Group dropped their price objective on shares of Rackspace Technology from $2.95 to $1.90 and set a “neutral” rating for the company in a research note on Friday, May 9th.

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.