Rackspace Technology, Inc. (NASDAQ:RXT) Shares Acquired by Tower Research Capital LLC TRC

Tower Research Capital LLC TRC grew its holdings in Rackspace Technology, Inc. (NASDAQ:RXT) by 1,140.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 21,168 shares of the company’s stock after acquiring an additional 19,462 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Rackspace Technology were worth $42,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

Several brokerages recently weighed in on RXT. Royal Bank of Canada reiterated a “sector perform” rating and set a $3.00 price target on shares of Rackspace Technology in a research report on Wednesday, March 13th. Evercore ISI reduced their price target on Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating for the company in a research report on Wednesday, March 13th. BMO Capital Markets lifted their price target on Rackspace Technology from $1.50 to $2.50 and gave the company a “market perform” rating in a research report on Wednesday, March 13th. Finally, Raymond James reduced their price target on Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating for the company in a research report on Wednesday, March 13th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Rackspace Technology has a consensus rating of “Hold” and an average price target of $2.31.

Rackspace Technology Stock Up 0.6 %

Shares of Rackspace Technology stock traded up $0.01 on Thursday, reaching $1.74. The company’s stock had a trading volume of 516,221 shares, compared to its average volume of 1,279,038. The company has a market capitalization of $389.12 million, a P/E ratio of -0.44 and a beta of 1.83. Rackspace Technology, Inc. has a 52-week low of $1.05 and a 52-week high of $3.10. The stock has a 50-day moving average price of $1.76 and a 200-day moving average price of $1.66.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings data on Tuesday, March 12th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $720.00 million during the quarter, compared to analysts’ expectations of $714.74 million. Rackspace Technology had a negative return on equity of 10.18% and a negative net margin of 28.33%. The business’s revenue was down 8.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.06 earnings per share. Sell-side analysts forecast that Rackspace Technology, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at Rackspace Technology

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

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.