Empower Advisory Group LLC Purchases Shares of 38,295 Rackspace Technology, Inc. (NASDAQ:RXT)

Empower Advisory Group LLC acquired a new position in Rackspace Technology, Inc. (NASDAQ:RXT) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 38,295 shares of the company’s stock, valued at approximately $85,000.

Several other institutional investors have also recently modified their holdings of the company. SG Americas Securities LLC raised its stake in shares of Rackspace Technology by 64.7% in the fourth quarter. SG Americas Securities LLC now owns 56,778 shares of the company’s stock worth $125,000 after purchasing an additional 22,311 shares during the last quarter. Franklin Resources Inc. purchased a new position in shares of Rackspace Technology in the third quarter worth about $443,000. Barclays PLC raised its stake in shares of Rackspace Technology by 86.1% in the third quarter. Barclays PLC now owns 109,997 shares of the company’s stock worth $270,000 after purchasing an additional 50,896 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in Rackspace Technology by 32.0% during the third quarter. Public Employees Retirement System of Ohio now owns 127,851 shares of the company’s stock worth $313,000 after acquiring an additional 30,983 shares during the period. Finally, Jane Street Group LLC grew 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 worth $1,895,000 after acquiring an additional 166,528 shares during the period. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Mark A. Marino sold 14,458 shares of Rackspace Technology 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 transaction, the chief financial officer now owns 1,915,356 shares in the company, valued at approximately $4,481,933.04. This trade represents a 0.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Dharmendra Kumar Sinha sold 88,548 shares of Rackspace Technology stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $2.67, for a total value of $236,423.16. Following the transaction, the executive vice president now owns 2,334,166 shares in the company, valued at approximately $6,232,223.22. The trade was a 3.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 209,322 shares of company stock worth $542,829 over the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Rackspace Technology Trading Down 0.7 %

Shares of RXT opened at $2.88 on Friday. Rackspace Technology, Inc. has a 12 month low of $1.45 and a 12 month high of $3.41. The stock’s 50 day moving average is $2.50 and its two-hundred day moving average is $2.48. The firm has a market cap of $655.40 million, a P/E ratio of -0.83 and a beta of 2.04.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings data on Thursday, February 20th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.02. Equities research analysts forecast that Rackspace Technology, Inc. will post -0.27 EPS for the current year.

Analysts Set New Price Targets

Separately, Barclays raised their target price on Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a report on Monday, November 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Rackspace Technology has an average 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.