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

Rackspace Technology, Inc. (NASDAQ:RXT) Director Anthony C. Roberts purchased 19,455 shares of the company’s stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $2.60 per share, for a total transaction of $50,583.00. Following the completion of the transaction, the director now owns 161,930 shares of the company’s stock, valued at $421,018. This represents a 13.66 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Rackspace Technology Trading Down 4.6 %

RXT stock traded down $0.12 during mid-day trading on Monday, reaching $2.47. 616,221 shares of the stock traded hands, compared to its average volume of 1,088,996. The stock’s fifty day moving average is $2.58 and its 200-day moving average is $2.46. The company has a market cap of $562.10 million, a P/E ratio of -0.71 and a beta of 1.99. Rackspace Technology, Inc. has a 52-week low of $1.45 and a 52-week high of $3.41.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.04) EPS for the quarter, topping 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. During the same period in the prior year, the business posted ($0.04) EPS. The company’s revenue for the quarter was down 7.7% on a year-over-year basis. Equities research analysts expect 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. Creative Planning acquired a new stake in shares of Rackspace Technology during the third quarter worth approximately $29,000. Allspring Global Investments Holdings LLC acquired a new position in Rackspace Technology in the 2nd quarter valued at approximately $40,000. US Bancorp DE lifted its position in Rackspace Technology by 10,766.2% in the 3rd quarter. US Bancorp DE now owns 16,408 shares of the company’s stock worth $40,000 after buying an additional 16,257 shares in the last quarter. Intech Investment Management LLC acquired a new stake in shares of Rackspace Technology during the 3rd quarter valued at $50,000. Finally, FMR LLC grew its holdings in shares of Rackspace Technology by 437.5% during the 3rd quarter. FMR LLC now owns 31,154 shares of the company’s stock valued at $76,000 after acquiring an additional 25,358 shares in the last quarter. Hedge funds and other institutional investors own 82.48% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Barclays lifted 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. UBS Group lifted their price target on shares of Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Rackspace Technology has a consensus rating of “Hold” and a consensus price target of $2.47.

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.