Rackspace Technology, Inc. (NASDAQ:RXT) CEO Amar Maletira Sells 55,461 Shares

Rackspace Technology, Inc. (NASDAQ:RXT) CEO Amar Maletira sold 55,461 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $2.54, for a total transaction of $140,870.94. Following the completion of the sale, the chief executive officer now owns 4,928,523 shares of the company’s stock, valued at approximately $12,518,448.42. This represents a 1.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Amar Maletira also recently made the following trade(s):

• On Wednesday, October 2nd, Amar Maletira sold 82,552 shares of Rackspace Technology stock. The shares were sold at an average price of $2.37, for a total transaction of $195,648.24.
• On Monday, September 30th, Amar Maletira sold 84,823 shares of Rackspace Technology stock. The shares were sold at an average price of $2.42, for a total value of $205,271.66.

Rackspace Technology Price Performance

Rackspace Technology stock traded down $0.03 during midday trading on Thursday, reaching $2.58. The company’s stock had a trading volume of 1,312,599 shares, compared to its average volume of 1,091,619. The stock has a market capitalization of $587.13 million, a P/E ratio of -0.74 and a beta of 1.99. The stock’s 50-day simple moving average is $2.58 and its 200-day simple moving average is $2.45. Rackspace Technology, Inc. has a 52-week low of $1.36 and a 52-week high of $3.41.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.03. The company had revenue of $675.80 million during the quarter, compared to analysts’ expectations of $675.14 million. The business’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.04) earnings per share. As a group, equities research analysts expect that Rackspace Technology, Inc. will post -0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rackspace Technology

Large investors have recently made changes to their positions in the stock. Franklin Resources Inc. acquired a new stake in shares of Rackspace Technology during the third quarter worth about $443,000. Barclays PLC raised its position in Rackspace Technology by 86.1% during the 3rd quarter. Barclays PLC now owns 109,997 shares of the company’s stock worth $270,000 after buying an additional 50,896 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in Rackspace Technology by 32.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 127,851 shares of the company’s stock valued at $313,000 after acquiring an additional 30,983 shares during the period. Jane Street Group LLC boosted its holdings in shares of Rackspace Technology by 27.4% in the 3rd quarter. Jane Street Group LLC now owns 773,454 shares of the company’s stock valued at $1,895,000 after acquiring an additional 166,528 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Rackspace Technology in the third quarter worth $135,000. 82.48% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on RXT shares. UBS Group upped their price objective on Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a research note on Friday, August 16th. Barclays boosted their target price on shares of Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a report on Monday, November 18th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Rackspace Technology presently has an average rating of “Hold” and a consensus target price 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.