Rackspace Technology, Inc. (NASDAQ:RXT) CFO Sells $33,831.72 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark A. Marino sold 14,458 shares of Rackspace Technology stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $2.34, for a total transaction of $33,831.72. Following the completion of the transaction, the chief financial officer now owns 1,915,356 shares of the company’s stock, valued at $4,481,933.04. This trade represents a 0.75 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Rackspace Technology Stock Up 0.4 %

Shares of Rackspace Technology stock traded up $0.01 during trading on Wednesday, hitting $2.37. 1,353,547 shares of the company were exchanged, compared to its average volume of 814,549. Rackspace Technology, Inc. has a fifty-two week low of $1.45 and a fifty-two week high of $3.41. The firm has a 50 day moving average price of $2.42 and a 200 day moving average price of $2.43. The stock has a market capitalization of $539.34 million, a price-to-earnings ratio of -0.68 and a beta of 2.02.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.03. The firm had revenue of $675.80 million during the quarter, compared to analysts’ expectations of $675.14 million. During the same quarter last year, the business earned ($0.04) earnings per share. The business’s revenue for the quarter was down 7.7% compared to the same quarter last year. Analysts predict that Rackspace Technology, Inc. will post -0.27 earnings per share for the current year.

Hedge Funds Weigh In On Rackspace Technology

Large investors have recently bought and sold shares of the business. Creative Planning acquired a new position in shares of Rackspace Technology in the 3rd quarter worth $29,000. US Bancorp DE boosted its position in Rackspace Technology by 10,766.2% during the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after purchasing an additional 16,257 shares during the last quarter. Intech Investment Management LLC purchased a new stake in shares of Rackspace Technology during the 3rd quarter worth about $50,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Rackspace Technology by 44.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock valued at $89,000 after buying an additional 9,275 shares during the last quarter. Finally, FMR LLC grew its stake in shares of Rackspace Technology by 437.5% in the 3rd quarter. FMR LLC now owns 31,154 shares of the company’s stock valued at $76,000 after buying an additional 25,358 shares in the last quarter. Institutional investors own 82.48% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, 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 research note on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $2.47.

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.