Rackspace Technology, Inc. (NASDAQ:RXT) Position Reduced by Sargent Investment Group LLC

Sargent Investment Group LLC decreased its position in shares of Rackspace Technology, Inc. (NASDAQ:RXT) by 92.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,150 shares of the company’s stock after selling 249,950 shares during the period. Sargent Investment Group LLC’s holdings in Rackspace Technology were worth $47,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RXT. Creative Planning bought a new position in shares of Rackspace Technology in the third quarter valued at $29,000. US Bancorp DE increased its holdings in shares of Rackspace Technology by 10,766.2% in the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after buying an additional 16,257 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of Rackspace Technology in the third quarter valued at $50,000. The Manufacturers Life Insurance Company increased its holdings in shares of 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. Finally, FMR LLC increased its holdings in shares of 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 buying an additional 25,358 shares in the last quarter. Institutional investors own 82.48% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Barclays upped their price target on Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a report on Monday, November 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $2.47.

Insider Activity

In related news, CTO Srini Koushik sold 19,470 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $2.67, for a total value of $51,984.90. Following the completion of the sale, the chief technology officer now directly owns 1,026,279 shares in the company, valued at approximately $2,740,164.93. This represents a 1.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Mark A. Marino sold 14,458 shares of the company’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $2.34, for a total transaction of $33,831.72. Following the completion of the sale, the chief financial officer now owns 1,915,356 shares of the company’s stock, valued at $4,481,933.04. This represents a 0.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 209,322 shares of company stock worth $542,829 in the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Rackspace Technology Stock Up 1.4 %

Shares of NASDAQ:RXT opened at $2.90 on Thursday. The company’s fifty day moving average is $2.42 and its two-hundred day moving average is $2.44. Rackspace Technology, Inc. has a 12-month low of $1.45 and a 12-month high of $3.41. The company has a market cap of $659.95 million, a P/E ratio of -0.83 and a beta of 2.04.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.03. The company had revenue of $675.80 million for the quarter, compared to analysts’ expectations of $675.14 million. During the same quarter in the prior year, the firm earned ($0.04) earnings per share. The company’s revenue was down 7.7% on a year-over-year basis. Equities research analysts anticipate that Rackspace Technology, Inc. will post -0.27 earnings per share for the current year.

About Rackspace Technology

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.