Sargent Investment Group LLC Buys 100,000 Shares of Rackspace Technology, Inc. (NASDAQ:RXT)

Sargent Investment Group LLC boosted its stake in shares of Rackspace Technology, Inc. (NASDAQ:RXT) by 86.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 215,100 shares of the company’s stock after purchasing an additional 100,000 shares during the quarter. Sargent Investment Group LLC owned about 0.10% of Rackspace Technology worth $641,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its position in shares of Rackspace Technology by 35.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,535,746 shares of the company’s stock valued at $5,071,000 after purchasing an additional 667,329 shares during the last quarter. CastleKnight Management LP acquired a new stake in Rackspace Technology in the 4th quarter valued at approximately $1,201,000. GSA Capital Partners LLP bought a new position in Rackspace Technology in the 1st quarter worth approximately $531,000. Renaissance Technologies LLC lifted its holdings in shares of Rackspace Technology by 23.7% during the second quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock worth $3,991,000 after buying an additional 256,900 shares during the last quarter. Finally, Russell Investments Group Ltd. bought a new stake in shares of Rackspace Technology in the fourth quarter valued at approximately $166,000. Institutional investors and hedge funds own 82.48% of the company’s stock.

Rackspace Technology Stock Performance

Shares of Rackspace Technology stock opened at $2.46 on Tuesday. The firm’s 50-day simple moving average is $2.36 and its 200-day simple moving average is $2.13. The firm has a market cap of $556.03 million, a P/E ratio of -0.62 and a beta of 1.97. Rackspace Technology, Inc. has a twelve month low of $1.15 and a twelve month high of $3.18.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.03. The firm had revenue of $684.90 million during the quarter, compared to analyst estimates of $669.10 million. On average, equities analysts forecast that Rackspace Technology, Inc. will post -0.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $2.36, for a total value of $352,227.64. Following the transaction, the executive vice president now directly owns 2,466,593 shares in the company, valued at approximately $5,821,159.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Rackspace Technology news, CEO Amar Maletira sold 52,206 shares of Rackspace Technology stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $2.35, for a total transaction of $122,684.10. Following the completion of the sale, the chief executive officer now owns 5,347,434 shares of the company’s stock, valued at approximately $12,566,469.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Dharmendra Kumar Sinha sold 149,249 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $2.36, for a total transaction of $352,227.64. Following the sale, the executive vice president now owns 2,466,593 shares of the company’s stock, valued at approximately $5,821,159.48. The disclosure for this sale can be found here. Insiders sold 209,195 shares of company stock worth $493,410 in the last quarter. Insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

Separately, UBS Group increased their price target on shares of Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a report on Friday, August 16th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Rackspace Technology currently has a consensus rating of “Hold” and an average target price of $2.15.

Rackspace Technology Company 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.