Rackspace Technology, Inc. (NASDAQ:RXT) CTO Srini Koushik Sells 7,740 Shares

Rackspace Technology, Inc. (NASDAQ:RXT) CTO Srini Koushik sold 7,740 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $2.39, for a total transaction of $18,498.60. Following the transaction, the chief technology officer now owns 1,068,936 shares of the company’s stock, valued at approximately $2,554,757.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Rackspace Technology Trading Down 7.1 %

Shares of RXT opened at $2.21 on Friday. Rackspace Technology, Inc. has a twelve month low of $1.15 and a twelve month high of $3.18. The company has a market cap of $499.53 million, a P/E ratio of -0.56 and a beta of 1.98. The company’s fifty day simple moving average is $2.49 and its 200-day simple moving average is $2.08.

Wall Street Analysts Forecast Growth

Separately, UBS Group upped their price target on shares of Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a research note on Friday, August 16th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $2.15.

Institutional Investors Weigh In On Rackspace Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. Fountainhead AM LLC purchased a new stake in shares of Rackspace Technology in the fourth quarter valued at $25,000. Raymond James & Associates purchased a new position in Rackspace Technology in the 4th quarter worth about $29,000. Susquehanna Fundamental Investments LLC purchased a new position in Rackspace Technology in the 1st quarter worth about $35,000. Allspring Global Investments Holdings LLC purchased a new position in Rackspace Technology in the 2nd quarter worth about $40,000. Finally, Tower Research Capital LLC TRC increased its stake in Rackspace Technology by 1,140.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 21,168 shares of the company’s stock worth $42,000 after buying an additional 19,462 shares during the period. Hedge funds and other institutional investors own 82.48% of the company’s stock.

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.