AJOVista LLC Makes New $87,000 Investment in Rackspace Technology, Inc. (NASDAQ:RXT)

AJOVista LLC bought a new stake in Rackspace Technology, Inc. (NASDAQ:RXT) during the fourth quarter, HoldingsChannel.com reports. The fund bought 43,377 shares of the company’s stock, valued at approximately $87,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Fountainhead AM LLC purchased a new position in Rackspace Technology in the fourth quarter valued at about $25,000. Raymond James & Associates acquired a new stake in shares of Rackspace Technology in the fourth quarter valued at about $29,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Rackspace Technology by 238.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 16,480 shares of the company’s stock valued at $39,000 after buying an additional 11,614 shares during the period. SG Americas Securities LLC acquired a new position in Rackspace Technology during the 3rd quarter worth approximately $66,000. Finally, Acadian Asset Management LLC acquired a new stake in Rackspace Technology in the third quarter valued at approximately $69,000. Institutional investors and hedge funds own 82.48% of the company’s stock.

Insiders Place Their Bets

In other Rackspace Technology news, CEO Amar Maletira sold 37,446 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $1.92, for a total value of $71,896.32. Following the completion of the transaction, the chief executive officer now owns 4,638,423 shares in the company, valued at approximately $8,905,772.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.00% of the stock is owned by insiders.

Rackspace Technology Price Performance

Shares of NASDAQ:RXT traded up $0.08 during trading on Friday, reaching $1.83. 753,437 shares of the company’s stock traded hands, compared to its average volume of 711,588. Rackspace Technology, Inc. has a 12 month low of $1.05 and a 12 month high of $3.10. The company has a 50 day moving average of $1.75 and a 200-day moving average of $1.66. The stock has a market capitalization of $408.12 million, a P/E ratio of -0.47 and a beta of 1.83.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings data on Tuesday, March 12th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Rackspace Technology had a negative net margin of 28.33% and a negative return on equity of 10.18%. The business had revenue of $720.00 million during the quarter, compared to the consensus estimate of $714.74 million. During the same quarter in the prior year, the firm earned $0.06 EPS. The company’s revenue for the quarter was down 8.5% compared to the same quarter last year. Equities research analysts predict that Rackspace Technology, Inc. will post -0.38 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on RXT shares. Evercore ISI lowered their target price on Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating for the company in a research note on Wednesday, March 13th. BMO Capital Markets raised their price target on shares of Rackspace Technology from $1.50 to $2.50 and gave the stock a “market perform” rating in a research report on Wednesday, March 13th. Raymond James cut their price target on shares of Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating on the stock in a report on Wednesday, March 13th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $3.00 price objective on shares of Rackspace Technology in a report on Wednesday, March 13th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $2.31.

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.