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

Rackspace Technology, Inc. (NASDAQ:RXT) Director Anthony C. Roberts acquired 19,455 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were bought at an average cost of $2.60 per share, with a total value of $50,583.00. Following the completion of the acquisition, the director now directly owns 161,930 shares in the company, valued at $421,018. The trade was a 13.66 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Rackspace Technology Stock Performance

RXT opened at $2.58 on Wednesday. The stock has a market capitalization of $587.13 million, a price-to-earnings ratio of -0.74 and a beta of 1.99. The company has a fifty day moving average of $2.58 and a 200 day moving average of $2.46. Rackspace Technology, Inc. has a fifty-two week low of $1.45 and a fifty-two week high of $3.41.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.03. The business had revenue of $675.80 million for the quarter, compared to the consensus estimate of $675.14 million. Rackspace Technology’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same quarter last year, the business earned ($0.04) EPS. On average, equities research analysts forecast that Rackspace Technology, Inc. will post -0.27 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RXT. Barclays boosted their price target 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 boosted their price target on shares of Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a research report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Rackspace Technology has a consensus rating of “Hold” and an average price target of $2.47.

Institutional Investors Weigh In On Rackspace Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RXT. Jacobs Levy Equity Management Inc. raised its stake in shares of Rackspace Technology by 139.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 814,624 shares of the company’s stock worth $1,996,000 after acquiring an additional 474,299 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Rackspace Technology by 23.7% in the 2nd quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock valued at $3,991,000 after acquiring an additional 256,900 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in Rackspace Technology during the third quarter worth $412,000. Franklin Resources Inc. purchased a new stake in Rackspace Technology during the third quarter worth $443,000. Finally, Jane Street Group LLC lifted its holdings in Rackspace Technology by 27.4% during the third quarter. Jane Street Group LLC now owns 773,454 shares of the company’s stock valued at $1,895,000 after purchasing an additional 166,528 shares in the last quarter. Institutional investors own 82.48% 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.