Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) Director Anthony C. Roberts acquired 19,455 shares of the firm's stock in a transaction on Friday, December 6th. The shares were bought at an average cost of $2.60 per share, for a total transaction of $50,583.00. Following the completion of the acquisition, the director now directly owns 161,930 shares of the company's stock, valued at approximately $421,018. This represents a 13.66 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Rackspace Technology Trading Down 4.6 %
NASDAQ RXT opened at $2.47 on Tuesday. Rackspace Technology, Inc. has a 12 month low of $1.45 and a 12 month high of $3.41. The stock has a 50-day simple moving average of $2.58 and a 200 day simple moving average of $2.46. The company has a market capitalization of $562.10 million, a PE ratio of -0.71 and a beta of 1.99.
Rackspace Technology (NASDAQ:RXT - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, beating analysts' consensus estimates 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. The business's revenue was down 7.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.04) earnings per share. As a group, sell-side analysts predict that Rackspace Technology, Inc. will post -0.27 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Rackspace Technology
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Several institutional investors and hedge funds have recently modified their holdings of RXT. The Manufacturers Life Insurance Company lifted its stake in Rackspace Technology by 44.7% in the second quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company's stock valued at $89,000 after buying an additional 9,275 shares in the last quarter. ClariVest Asset Management LLC raised its holdings in shares of Rackspace Technology by 2.8% during the second quarter. ClariVest Asset Management LLC now owns 379,721 shares of the company's stock worth $1,132,000 after acquiring an additional 10,281 shares during the period. Creative Planning bought a new stake in Rackspace Technology in the 3rd quarter valued at $29,000. Allspring Global Investments Holdings LLC acquired a new position in Rackspace Technology in the 2nd quarter worth $40,000. Finally, SG Americas Securities LLC increased its holdings in Rackspace Technology by 64.7% during the 3rd quarter. SG Americas Securities LLC now owns 34,467 shares of the company's stock worth $84,000 after purchasing an additional 13,543 shares in the last quarter. 82.48% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities research analysts have recently commented on RXT shares. UBS Group boosted their target price on shares of Rackspace Technology from $2.10 to $2.30 and gave the company a "neutral" rating in a research note on Friday, August 16th. Barclays upped their price objective on shares of Rackspace Technology from $1.00 to $2.00 and gave the stock an "underweight" rating in a research note on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Rackspace Technology has an average rating of "Hold" and a consensus target price of $2.47.
View Our Latest Report on Rackspace Technology
Rackspace Technology Company Profile
(
Get Free Report)
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.
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