Russell Investments Group Ltd. increased its position in shares of Rackspace Technology, Inc. (NASDAQ: RXT – Get Rating) by 2.2% during the first quarter, according to its latest disclosure to the Securities and Exchange Commission (SEC). The institutional investor owned 97,062 shares of the company after purchasing an additional 2,125 shares during the period. The holdings of Russell Investments Group Ltd. in Rackspace Technology were worth $1,083,000 at the end of last quarter.
A number of other large investors have also recently changed their positions in RXT. Mackenzie Financial Corp raised its position in shares of Rackspace Technology by 16.4% during the fourth quarter. Mackenzie Financial Corp now owns 7,131,436 shares of the company valued at $96,060,000 after buying an additional 1,007,205 shares last quarter. Rice Hall James & Associates LLC increased its position in Rackspace Technology shares by 31.0% during the fourth quarter. Rice Hall James & Associates LLC now owns 2,508,958 shares of the company valued at $33,796,000 after purchasing an additional 593,674 shares last quarter. Lapides Asset Management LLC increased its position in Rackspace Technology shares by 34.1% during the first quarter. Lapides Asset Management LLC now owns 858,700 shares of the company valued at $9,583,000 after purchasing an additional 218,500 shares last quarter. JPMorgan Chase & Co. increased its position in Rackspace Technology shares by 27.8% during the fourth quarter. JPMorgan Chase & Co. now owns 458,489 shares of the company valued at $6,176,000 after buying an additional 99,729 shares last quarter. Finally, AlphaCrest Capital Management LLC purchased a new stake in Rackspace Technology in the fourth quarter worth approximately $1,166,000. 95.90% of the shares are held by institutional investors.
Analysts set new price targets
Several brokerages commented on RXT. Citigroup downgraded shares of Rackspace Technology to a “neutral” rating in a research report on Monday. JPMorgan Chase & Co. downgraded shares of Rackspace Technology from a “neutral” rating to an “underweight” rating and lowered its price target for the stock from $7.00 to $5.00 in a research report Tuesday. Credit Suisse Group lowered its price target on Rackspace Technology shares from $12.00 to $10.00 and set an “outperform” rating on the stock in a Wednesday, Aug. 10 research report. Royal Bank of Canada downgraded Rackspace Technology shares from an “outperforming” rating to an “sector outperforming” rating and lowered its price target for the stock from $9.00 to $7.00 in a Thursday, August 11, research report. Finally, William Blair downgraded Rackspace Technology shares from an “outperforming” rating to a “market performing” rating in a Wednesday, August 10 research report. Two analysts gave the stock a sell rating, seven gave the company a hold rating and two gave the company a buy rating. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $9.20.
Price performance of Rackspace technology
NASDAQ:RXT shares opened at $5.46 on Friday. The company has a 50-day moving average of $6.61 and a 200-day moving average of $9.10. The stock has a market capitalization of $1.15 billion, a P/E ratio of -5.87, a P/E/G ratio of 1.01 and a beta of 0.86. Rackspace Technology, Inc. has a 12 month minimum of $5.32 and a 12 month maximum of $18.50. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt ratio of 2.83.
Rackspace Technology (NASDAQ:RXT – Get Rating) last released its quarterly earnings data on Tuesday, August 9. The company reported EPS of $0.17 for the quarter, beating the consensus estimate of $0.16 by $0.01. The company posted revenue of $772.20 million in the quarter, compared to $784.72 million expected by analysts. Rackspace Technology posted a negative net margin of 6.37% and a positive return on equity of 14.07%. Rackspace Technology revenue for the quarter increased 3.8% year over year. In the same quarter of the previous year, the company had earned earnings per share of $0.17. As a group, sell-side analysts expect Rackspace Technology, Inc. to post 0.56 EPS for the current fiscal year.
About Rackspace Technology
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Rackspace Technology, Inc operates as a worldwide multi-cloud technology services company. It operates through Multicloud Services and Apps & Cross Platform segments. The Company’s Multicloud Services segment provides managed public and private cloud services, which enable customers to determine, manage and optimize the appropriate infrastructure, platforms and services; and professional services related to the design and creation of multicloud solutions and cloud-native applications.
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