Anthony C. Roberts Purchases 19,455 Shares of Rackspace Technology, Inc. (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) Director Anthony C. Roberts bought 19,455 shares of the stock in a transaction on Friday, December 6th. The shares were bought at an average cost of $2.60 per share, with a total value of $50,583.00. Following the purchase, the director now owns 161,930 shares of the company’s stock, valued at $421,018. This trade represents a 13.66 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Rackspace Technology Trading Up 4.5 %

Shares of RXT stock opened at $2.58 on Wednesday. The firm has a 50-day moving average price of $2.58 and a 200 day moving average price of $2.46. Rackspace Technology, Inc. has a twelve month low of $1.45 and a twelve month high of $3.41. The company has a market capitalization of $587.13 million, a price-to-earnings ratio of -0.74 and a beta of 1.99.

Rackspace Technology (NASDAQ:RXT) last announced its earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.03. The firm had revenue of $675.80 million during the quarter, compared to analyst estimates of $675.14 million. During the same period in the previous year, the firm posted ($0.04) EPS. The company’s revenue for the quarter was down 7.7% compared to the same quarter last year. As a group, research analysts predict that Rackspace Technology, Inc. will post -0.27 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RXT. Bank of New York Mellon Corp increased its stake in shares of Rackspace Technology by 17.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 222,778 shares of the company’s stock valued at $664,000 after acquiring an additional 32,468 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Rackspace Technology during the 2nd quarter valued at about $40,000. ClariVest Asset Management LLC increased its stake in shares of Rackspace Technology by 2.8% during the 2nd quarter. ClariVest Asset Management LLC now owns 379,721 shares of the company’s stock valued at $1,132,000 after acquiring an additional 10,281 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Rackspace Technology by 23.7% during the 2nd quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock valued at $3,991,000 after acquiring an additional 256,900 shares during the last quarter. Finally, Sargent Investment Group LLC increased its stake in shares of Rackspace Technology by 86.9% during the 2nd quarter. Sargent Investment Group LLC now owns 215,100 shares of the company’s stock valued at $641,000 after acquiring an additional 100,000 shares during the last quarter. Institutional investors and hedge funds own 82.48% of the company’s stock.

Analyst Upgrades and Downgrades

RXT has been the subject of several recent research reports. Barclays raised their price objective on shares of Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a research note on Monday, November 18th. UBS Group raised their price objective on shares of Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a report on Friday, August 16th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $2.47.

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.