Empower Advisory Group LLC Takes $85,000 Position in Rackspace Technology, Inc. (NASDAQ:RXT)

Empower Advisory Group LLC acquired a new stake in Rackspace Technology, Inc. (NASDAQ:RXT) in the fourth quarter, Holdings Channel.com reports. The fund acquired 38,295 shares of the company’s stock, valued at approximately $85,000.

A number of other institutional investors have also modified their holdings of RXT. Jacobs Levy Equity Management Inc. grew its stake in shares of Rackspace Technology by 139.4% in the third quarter. Jacobs Levy Equity Management Inc. now owns 814,624 shares of the company’s stock valued at $1,996,000 after buying an additional 474,299 shares in the last quarter. GSA Capital Partners LLP acquired a new position in Rackspace Technology during the 3rd quarter worth $412,000. Franklin Resources Inc. acquired a new position in Rackspace Technology during the 3rd quarter worth $443,000. Jane Street Group LLC grew its stake in Rackspace Technology by 27.4% during the 3rd quarter. Jane Street Group LLC now owns 773,454 shares of the company’s stock worth $1,895,000 after purchasing an additional 166,528 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in Rackspace Technology during the 3rd quarter worth $135,000. 82.48% of the stock is owned by institutional investors and hedge funds.

Rackspace Technology Stock Performance

NASDAQ:RXT opened at $2.88 on Friday. The stock has a 50-day simple moving average of $2.50 and a 200-day simple moving average of $2.48. The stock has a market cap of $655.40 million, a P/E ratio of -0.83 and a beta of 2.04. Rackspace Technology, Inc. has a 1 year low of $1.45 and a 1 year high of $3.41.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings data on Thursday, February 20th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.02. On average, equities research analysts predict that Rackspace Technology, Inc. will post -0.27 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Barclays boosted their target price 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 investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Rackspace Technology presently has a consensus rating of “Hold” and a consensus target price of $2.47.

Insider Activity

In other Rackspace Technology news, CFO Mark A. Marino sold 14,458 shares of the company’s stock in a transaction that occurred 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 directly owns 1,915,356 shares of the company’s stock, valued at $4,481,933.04. This represents a 0.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anthony C. Roberts acquired 19,455 shares of Rackspace Technology stock in a transaction on 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 purchase, the director now owns 161,930 shares in the company, valued at $421,018. The trade was a 13.66 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders sold 209,322 shares of company stock valued at $542,829. Insiders own 2.00% of the company’s stock.

Rackspace Technology 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.