Rackspace Technology, Inc. (NASDAQ:RXT) Position Lifted by Federated Hermes Inc.

Federated Hermes Inc. grew its stake in shares of Rackspace Technology, Inc. (NASDAQ:RXT) by 2.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 757,609 shares of the company’s stock after acquiring an additional 15,803 shares during the period. Federated Hermes Inc. owned about 0.35% of Rackspace Technology worth $1,515,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of RXT. ClariVest Asset Management LLC acquired a new position in Rackspace Technology in the third quarter worth about $846,000. Charles Schwab Investment Management Inc. raised its position in shares of Rackspace Technology by 32.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,868,417 shares of the company’s stock valued at $4,391,000 after acquiring an additional 452,862 shares in the last quarter. Shell Asset Management Co. bought a new position in Rackspace Technology during the third quarter worth $257,000. Fuller & Thaler Asset Management Inc. acquired a new position in Rackspace Technology in the third quarter worth $2,416,000. Finally, SG Americas Securities LLC increased its stake in Rackspace Technology by 86.4% during the fourth quarter. SG Americas Securities LLC now owns 52,694 shares of the company’s stock valued at $105,000 after purchasing an additional 24,431 shares during the last quarter. Institutional investors own 82.48% of the company’s stock.

Rackspace Technology Stock Performance

Shares of NASDAQ RXT opened at $1.75 on Tuesday. Rackspace Technology, Inc. has a 12-month low of $1.05 and a 12-month high of $3.10. The company has a market cap of $384.58 million, a PE ratio of -0.45 and a beta of 1.94. The stock has a 50 day simple moving average of $1.76 and a 200-day simple moving average of $1.65.

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

Wall Street Analysts Forecast Growth

RXT has been the topic of a number of recent research reports. Raymond James reduced their price target on shares of Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 13th. Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 target price on shares of Rackspace Technology in a research note on Wednesday, March 13th. Evercore ISI dropped their price target on Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating on the stock in a research report on Wednesday, March 13th. Finally, BMO Capital Markets boosted their price objective on Rackspace Technology from $1.50 to $2.50 and gave the company a “market perform” rating in a research report on Wednesday, March 13th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $2.31.

Insider Buying and Selling

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

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.