Rackspace Technology, Inc. (NASDAQ:RXT) Stake Cut by Geode Capital Management LLC

Geode Capital Management LLC trimmed its stake in Rackspace Technology, Inc. (NASDAQ:RXT) by 0.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,673,058 shares of the company’s stock after selling 12,637 shares during the quarter. Geode Capital Management LLC’s holdings in Rackspace Technology were worth $4,100,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Creative Planning purchased a new stake in Rackspace Technology in the 3rd quarter worth approximately $29,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Rackspace Technology in the second quarter worth $40,000. US Bancorp DE raised its holdings in shares of Rackspace Technology by 10,766.2% during the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock worth $40,000 after acquiring an additional 16,257 shares in the last quarter. Intech Investment Management LLC acquired a new stake in Rackspace Technology during the third quarter valued at $50,000. Finally, FMR LLC grew its stake in Rackspace Technology by 437.5% in the third quarter. FMR LLC now owns 31,154 shares of the company’s stock valued at $76,000 after purchasing an additional 25,358 shares in the last quarter. 82.48% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Barclays raised their price target on Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $2.47.

Rackspace Technology Price Performance

Rackspace Technology stock opened at $2.25 on Monday. The company has a market capitalization of $512.03 million, a price-to-earnings ratio of -0.64 and a beta of 2.02. The company’s fifty day moving average price is $2.48 and its two-hundred day moving average price is $2.48. Rackspace Technology, Inc. has a one year low of $1.45 and a one year high of $3.41.

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

Insider Buying and Selling

In other news, CEO Amar Maletira sold 55,461 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $2.54, for a total value of $140,870.94. Following the sale, the chief executive officer now owns 4,928,523 shares in the company, valued at approximately $12,518,448.42. This trade represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Dharmendra Kumar Sinha sold 88,548 shares of the business’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $2.67, for a total transaction of $236,423.16. Following the transaction, the executive vice president now directly owns 2,334,166 shares in the company, valued at $6,232,223.22. This trade represents a 3.65 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 194,864 shares of company stock valued at $508,997. Company insiders own 2.00% 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.