Rackspace Technology, Inc. (NASDAQ:RXT) EVP Sells $41,427.60 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 17,480 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $2.37, for a total value of $41,427.60. Following the completion of the sale, the executive vice president now owns 2,293,829 shares of the company’s stock, valued at $5,436,374.73. This trade represents a 0.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Rackspace Technology Stock Performance

Shares of Rackspace Technology stock opened at $2.19 on Friday. The company has a market capitalization of $498.38 million, a P/E ratio of -0.56 and a beta of 2.05. The company has a fifty day moving average of $2.54 and a 200 day moving average of $2.50. Rackspace Technology, Inc. has a fifty-two week low of $1.45 and a fifty-two week high of $3.41.

Rackspace Technology (NASDAQ:RXT) last issued its earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.02. The firm had revenue of $685.60 million during the quarter, compared to the consensus estimate of $674.85 million.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Rackspace Technology by 139.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 814,624 shares of the company’s stock valued at $1,996,000 after purchasing an additional 474,299 shares during the last quarter. US Bancorp DE boosted its holdings in shares of Rackspace Technology by 10,766.2% during the 3rd 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. Jane Street Group LLC lifted 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. FMR LLC lifted its holdings 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 acquiring an additional 25,358 shares during the last quarter. Finally, Barclays PLC lifted its holdings in shares of Rackspace Technology by 86.1% in the 3rd quarter. Barclays PLC now owns 109,997 shares of the company’s stock valued at $270,000 after acquiring an additional 50,896 shares during the last quarter. Institutional investors own 82.48% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Barclays upped 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 equities research 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’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target 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.