Jacobs Levy Equity Management Inc. Has $1.95 Million Stock Position in Rackspace Technology, Inc. (NASDAQ:RXT)

Jacobs Levy Equity Management Inc. increased its position in shares of Rackspace Technology, Inc. (NASDAQ:RXT) by 8.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 881,148 shares of the company’s stock after buying an additional 66,524 shares during the quarter. Jacobs Levy Equity Management Inc.’s holdings in Rackspace Technology were worth $1,947,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in RXT. Charles Schwab Investment Management Inc. raised its stake in shares of Rackspace Technology by 0.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 595,860 shares of the company’s stock worth $1,317,000 after purchasing an additional 5,136 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Rackspace Technology by 24.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,807 shares of the company’s stock worth $60,000 after purchasing an additional 5,214 shares during the last quarter. MetLife Investment Management LLC raised its stake in shares of Rackspace Technology by 89.4% in the fourth quarter. MetLife Investment Management LLC now owns 17,539 shares of the company’s stock worth $39,000 after purchasing an additional 8,281 shares during the last quarter. Invesco Ltd. raised its stake in shares of Rackspace Technology by 1.6% in the fourth quarter. Invesco Ltd. now owns 610,261 shares of the company’s stock worth $1,349,000 after purchasing an additional 9,825 shares during the last quarter. Finally, Barclays PLC raised its stake in shares of Rackspace Technology by 12.9% in the fourth quarter. Barclays PLC now owns 124,152 shares of the company’s stock worth $274,000 after purchasing an additional 14,155 shares during the last quarter. 82.48% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Rackspace Technology

In other Rackspace Technology news, CFO Mark A. Marino sold 94,571 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $2.34, for a total transaction of $221,296.14. Following the completion of the transaction, the chief financial officer now directly owns 1,995,033 shares of the company’s stock, valued at approximately $4,668,377.22. This represents a 4.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Amar Maletira sold 38,355 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $2.37, for a total value of $90,901.35. Following the transaction, the chief executive officer now directly owns 4,890,168 shares of the company’s stock, valued at approximately $11,589,698.16. This trade represents a 0.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,154,204 shares of company stock valued at $2,384,960. Company insiders own 2.90% of the company’s stock.

Analyst Upgrades and Downgrades

RXT has been the subject of several analyst reports. Barclays lowered their price objective on Rackspace Technology from $2.00 to $1.00 and set an “underweight” rating for the company in a research note on Friday, April 25th. UBS Group lowered their price objective on Rackspace Technology from $2.95 to $1.90 and set a “neutral” rating for the company in a research note on Friday, May 9th. Finally, Royal Bank of Canada reduced their target price on Rackspace Technology from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Monday.

Rackspace Technology Stock Down 1.6%

RXT stock opened at $1.26 on Friday. The firm has a market cap of $299.11 million, a PE ratio of -0.32 and a beta of 2.14. The business has a 50 day moving average of $1.53 and a 200-day moving average of $2.18. Rackspace Technology, Inc. has a 12-month low of $1.22 and a 12-month high of $3.41.

Rackspace Technology (NASDAQ:RXT) last released its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.02. The business had revenue of $665.40 million during the quarter, compared to the consensus estimate of $657.98 million. The business’s revenue was down 3.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.11) earnings per share.

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.