Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark A. Marino Sells 14,458 Shares of Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark A. Marino sold 14,458 shares of the 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 sale, the chief financial officer now directly owns 1,915,356 shares of the company’s stock, valued at approximately $4,481,933.04. This represents a 0.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Rackspace Technology Price Performance

RXT opened at $2.37 on Thursday. The company has a market capitalization of $539.34 million, a price-to-earnings ratio of -0.68 and a beta of 2.02. The business’s 50-day moving average price is $2.42 and its two-hundred day moving average price is $2.43. Rackspace Technology, Inc. has a 1 year low of $1.45 and a 1 year high of $3.41.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings results 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 for the quarter, compared to analyst estimates of $675.14 million. During the same period last year, the company posted ($0.04) earnings per share. The business’s revenue for the quarter was down 7.7% on a year-over-year basis. Sell-side analysts anticipate that Rackspace Technology, Inc. will post -0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rackspace Technology

Several institutional investors and hedge funds have recently modified their holdings of RXT. Creative Planning bought a new stake in shares of Rackspace Technology during the 3rd quarter worth approximately $29,000. US Bancorp DE raised 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 in the last quarter. Intech Investment Management LLC bought a new stake in Rackspace Technology during the third quarter worth $50,000. FMR LLC lifted its stake in Rackspace Technology by 437.5% during the third quarter. FMR LLC now owns 31,154 shares of the company’s stock worth $76,000 after purchasing an additional 25,358 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Rackspace Technology in the 3rd quarter valued at $81,000. 82.48% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Barclays upped their price target on Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a research report on Monday, November 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Rackspace Technology presently has an average 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.