Rackspace Technology, Inc. (NASDAQ:RXT) CFO Sells $527,820.30 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark A. Marino sold 202,230 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $2.61, for a total value of $527,820.30. Following the sale, the chief financial officer now owns 1,713,126 shares of the company’s stock, valued at $4,471,258.86. This represents a 10.56 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Rackspace Technology Trading Down 1.7 %

Shares of Rackspace Technology stock opened at $2.37 on Friday. The stock has a 50 day moving average of $2.53 and a 200 day moving average of $2.50. Rackspace Technology, Inc. has a 12 month low of $1.45 and a 12 month high of $3.41. The firm has a market cap of $539.34 million, a PE ratio of -0.61 and a beta of 2.04.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings results on Thursday, February 20th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. The firm had revenue of $685.60 million for the quarter, compared to the consensus estimate of $674.85 million.

Analysts Set New Price Targets

Separately, Barclays increased their target price on Rackspace Technology from $1.00 to $2.00 and gave the stock 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 given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $2.47.

Institutional Investors Weigh In On Rackspace Technology

Several institutional investors have recently modified their holdings of the stock. Two Sigma Advisers LP lifted its stake in shares of Rackspace Technology by 243.1% in the 4th quarter. Two Sigma Advisers LP now owns 264,200 shares of the company’s stock valued at $584,000 after purchasing an additional 187,200 shares during the last quarter. Two Sigma Investments LP lifted its stake in shares of Rackspace Technology by 1,692.6% in the 4th quarter. Two Sigma Investments LP now owns 406,621 shares of the company’s stock valued at $899,000 after purchasing an additional 383,938 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of Rackspace Technology by 50.6% in the 4th quarter. ProShare Advisors LLC now owns 19,030 shares of the company’s stock valued at $42,000 after purchasing an additional 6,398 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Rackspace Technology by 38.0% in the 4th quarter. Millennium Management LLC now owns 490,994 shares of the company’s stock valued at $1,085,000 after purchasing an additional 135,140 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in shares of Rackspace Technology by 8.2% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 881,148 shares of the company’s stock valued at $1,947,000 after purchasing an additional 66,524 shares during the last quarter. 82.48% of the stock is owned by institutional investors.

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.