AustralianSuper Pty Ltd Acquires Shares of 1,614,437 Rackspace Technology, Inc. $RXT

AustralianSuper Pty Ltd purchased a new position in shares of Rackspace Technology, Inc. (NASDAQ:RXT) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,614,437 shares of the company’s stock, valued at approximately $2,276,000.

Several other large investors have also recently added to or reduced their stakes in RXT. Engineers Gate Manager LP increased its position in Rackspace Technology by 47.1% during the 2nd quarter. Engineers Gate Manager LP now owns 34,777 shares of the company’s stock worth $45,000 after purchasing an additional 11,141 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Rackspace Technology by 25.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 119,493 shares of the company’s stock valued at $153,000 after buying an additional 24,173 shares during the period. Brevan Howard Capital Management LP boosted its stake in shares of Rackspace Technology by 62.9% in the second quarter. Brevan Howard Capital Management LP now owns 85,472 shares of the company’s stock valued at $109,000 after buying an additional 32,996 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in Rackspace Technology by 9.4% during the second quarter. Ameriprise Financial Inc. now owns 387,182 shares of the company’s stock worth $496,000 after acquiring an additional 33,356 shares during the period. Finally, Raymond James Financial Inc. raised its position in Rackspace Technology by 15.1% in the second quarter. Raymond James Financial Inc. now owns 443,090 shares of the company’s stock worth $567,000 after acquiring an additional 58,180 shares in the last quarter. 82.48% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Dharmendra Kumar Sinha sold 91,151 shares of the firm’s stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $1.04, for a total value of $94,797.04. Following the transaction, the executive vice president directly owned 2,568,895 shares in the company, valued at $2,671,650.80. This trade represents a 3.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.90% of the company’s stock.

Rackspace Technology Price Performance

Shares of NASDAQ RXT opened at $0.61 on Friday. The company has a 50-day simple moving average of $0.98 and a 200-day simple moving average of $1.23. The company has a market cap of $148.98 million, a PE ratio of -0.57 and a beta of 2.13. Rackspace Technology, Inc. has a 12 month low of $0.61 and a 12 month high of $3.03.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $671.20 million for the quarter, compared to analyst estimates of $666.83 million. During the same quarter last year, the business earned ($0.04) EPS. Rackspace Technology’s revenue for the quarter was down .7% compared to the same quarter last year. Rackspace Technology has set its Q4 2025 guidance at -0.050–0.030 EPS.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RXT. Weiss Ratings reissued a “sell (d-)” rating on shares of Rackspace Technology in a report on Thursday, January 22nd. Royal Bank Of Canada decreased their price target on Rackspace Technology from $2.00 to $1.75 and set a “sector perform” rating on the stock in a research note on Monday, November 10th. Four investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $1.51.

Rackspace Technology Profile

Rackspace Technology (NASDAQ: RXT) is a leading provider of managed multi-cloud solutions and services, specializing in the deployment, management and optimization of public and private cloud environments. The company helps organizations design and operate applications across platforms such as Amazon Web Services (AWS), Microsoft Azure, Google Cloud and its own private cloud infrastructure. Rackspace’s core offerings include cloud migration, application modernization, data protection, security services and 24x7x365 operational support.

Beyond cloud hosting, Rackspace offers a range of professional services designed to accelerate digital transformation initiatives.