AJOVista LLC Acquires Shares of 43,377 Rackspace Technology, Inc. (NASDAQ:RXT)

AJOVista LLC acquired a new stake in shares of Rackspace Technology, Inc. (NASDAQ:RXT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 43,377 shares of the company’s stock, valued at approximately $87,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in RXT. Fountainhead AM LLC purchased a new position in shares of Rackspace Technology in the 4th quarter worth about $25,000. Raymond James & Associates purchased a new position in shares of Rackspace Technology in the 4th quarter worth about $29,000. Allspring Global Investments Holdings LLC raised its position in Rackspace Technology by 238.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 16,480 shares of the company’s stock worth $39,000 after buying an additional 11,614 shares during the last quarter. SG Americas Securities LLC purchased a new position in Rackspace Technology in the 3rd quarter worth about $66,000. Finally, Acadian Asset Management LLC purchased a new position in Rackspace Technology in the 3rd quarter worth about $69,000. Hedge funds and other institutional investors own 82.48% of the company’s stock.

Rackspace Technology Trading Up 4.9 %

NASDAQ:RXT traded up $0.08 during midday trading on Friday, hitting $1.83. 753,437 shares of the company traded hands, compared to its average volume of 711,588. The firm’s fifty day moving average is $1.75 and its 200-day moving average is $1.66. Rackspace Technology, Inc. has a 12-month low of $1.05 and a 12-month high of $3.10. The firm has a market capitalization of $408.12 million, a P/E ratio of -0.47 and a beta of 1.83.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings data on Tuesday, March 12th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. The company had revenue of $720.00 million for the quarter, compared to the consensus estimate of $714.74 million. Rackspace Technology had a negative return on equity of 10.18% and a negative net margin of 28.33%. Rackspace Technology’s quarterly revenue was down 8.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.06 EPS. On average, research analysts expect that Rackspace Technology, Inc. will post -0.38 EPS for the current fiscal year.

Insider Transactions at Rackspace Technology

In other news, CEO Amar Maletira sold 37,446 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $1.92, for a total transaction of $71,896.32. Following the transaction, the chief executive officer now owns 4,638,423 shares of the company’s stock, valued at approximately $8,905,772.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RXT. BMO Capital Markets boosted their target price on Rackspace Technology from $1.50 to $2.50 and gave the stock a “market perform” rating in a research report on Wednesday, March 13th. Royal Bank of Canada reissued a “sector perform” rating and issued a $3.00 target price on shares of Rackspace Technology in a research report on Wednesday, March 13th. Evercore ISI cut their price target on Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating for the company in a research note on Wednesday, March 13th. Finally, Raymond James cut their price target on Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating for the company in a research note on Wednesday, March 13th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $2.31.

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.