Rackspace Technology, Inc. (NASDAQ:RXT) EVP Sells $59,326.78 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 23,357 shares of the company’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 $59,326.78. Following the transaction, the executive vice president now owns 2,311,309 shares in the company, valued at $5,870,724.86. The trade was a 1.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Dharmendra Kumar Sinha also recently made the following trade(s):

• On Friday, November 29th, Dharmendra Kumar Sinha sold 88,548 shares of Rackspace Technology stock. The shares were sold at an average price of $2.67, for a total value of $236,423.16.

Rackspace Technology Trading Up 0.4 %

RXT opened at $2.59 on Friday. The company has a market capitalization of $589.41 million, a price-to-earnings ratio of -0.74 and a beta of 1.99. Rackspace Technology, Inc. has a 12-month low of $1.38 and a 12-month high of $3.41. The business’s fifty day simple moving average is $2.58 and its 200-day simple moving average is $2.45.

Rackspace Technology (NASDAQ:RXT) last issued its earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.03. The business had revenue of $675.80 million for the quarter, compared to the consensus estimate of $675.14 million. During the same quarter in the previous year, the company earned ($0.04) earnings per share. The firm’s revenue was down 7.7% on a year-over-year basis. On average, equities research analysts predict that Rackspace Technology, Inc. will post -0.27 EPS for the current year.

Institutional Trading of Rackspace Technology

A number of hedge funds have recently bought and sold shares of RXT. Creative Planning purchased a new stake in shares of Rackspace Technology during the third quarter valued at about $29,000. US Bancorp DE lifted 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 acquiring an additional 16,257 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Rackspace Technology during the second quarter valued at approximately $40,000. Intech Investment Management LLC acquired a new stake in Rackspace Technology in the third quarter valued at approximately $50,000. Finally, FMR LLC increased its position in shares of 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 in the last quarter. Hedge funds and other institutional investors own 82.48% of the company’s stock.

Analyst Upgrades and Downgrades

RXT has been the subject of a number of research analyst reports. Barclays raised their price target on Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a research note on Monday, November 18th. UBS Group boosted their target price 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. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company 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.