AlphaCrest Capital Management LLC Purchases Shares of 86,585 Rackspace Technology, Inc. (NASDAQ:RXT)

AlphaCrest Capital Management LLC bought a new position in Rackspace Technology, Inc. (NASDAQ:RXTGet Rating) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 86,585 shares of the company’s stock, valued at approximately $1,166,000.

Several other institutional investors and hedge funds also recently modified their holdings of RXT. Wolverine Asset Management LLC increased its holdings in Rackspace Technology by 30.0% during the 4th quarter. Wolverine Asset Management LLC now owns 43,297 shares of the company’s stock valued at $583,000 after purchasing an additional 10,000 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in Rackspace Technology during the 4th quarter valued at $230,000. First Republic Investment Management Inc. boosted its position in Rackspace Technology by 11.7% in the 4th quarter. First Republic Investment Management Inc. now owns 50,841 shares of the company’s stock valued at $685,000 after buying an additional 5,306 shares during the last quarter. Bank of America Corp DE boosted its position in Rackspace Technology by 155.0% in the 4th quarter. Bank of America Corp DE now owns 37,738 shares of the company’s stock valued at $509,000 after buying an additional 22,941 shares during the last quarter. Finally, ProShare Advisors LLC bought a new position in Rackspace Technology in the 4th quarter valued at $245,000. 95.90% of the stock is owned by institutional investors and hedge funds.

Rackspace Technology stock opened at $9.54 on Friday. Rackspace Technology, Inc. has a 52 week low of $7.28 and a 52 week high of $21.50. The company has a debt-to-equity ratio of 2.80, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a market capitalization of $2.02 billion, a P/E ratio of -10.37, a PEG ratio of 0.93 and a beta of 0.80. The stock has a 50-day simple moving average of $10.38 and a 200 day simple moving average of $12.25.

Rackspace Technology (NASDAQ:RXTGet Rating) last issued its quarterly earnings data on Tuesday, May 10th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. Rackspace Technology had a positive return on equity of 14.94% and a negative net margin of 6.30%. The company had revenue of $775.50 million during the quarter, compared to analysts’ expectations of $774.45 million. During the same quarter in the previous year, the company posted $0.23 earnings per share. The business’s revenue was up 6.8% on a year-over-year basis. Research analysts forecast that Rackspace Technology, Inc. will post 0.88 earnings per share for the current year.

Several research firms have weighed in on RXT. Credit Suisse Group reduced their target price on Rackspace Technology from $25.00 to $19.00 and set an “outperform” rating on the stock in a report on Wednesday, February 23rd. Citigroup dropped their price target on Rackspace Technology from $16.00 to $13.00 in a research note on Wednesday. Barclays dropped their price target on Rackspace Technology from $17.00 to $10.00 in a research note on Thursday, February 24th. Oppenheimer downgraded Rackspace Technology from an “outperform” rating to a “market perform” rating in a research report on Friday, April 8th. Finally, Royal Bank of Canada lowered their target price on Rackspace Technology from $24.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $15.68.

About Rackspace Technology (Get Rating)

Rackspace Technology, Inc operates as a multi cloud technology services company worldwide. It operates through Multicloud Services and Apps & Cross Platform segments. The company's Multicloud Services segment provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; and professional services related to designing and building multi cloud solutions and cloud-native applications.

Further Reading

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Institutional Ownership by Quarter for Rackspace Technology (NASDAQ:RXT)

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