Rackspace Technology, Inc. (NASDAQ:RXT) CFO Sells $33,831.72 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) CFO Mark A. Marino sold 14,458 shares of the company's stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $2.34, for a total transaction of $33,831.72. Following the completion of the transaction, the chief financial officer now owns 1,915,356 shares of the company's stock, valued at approximately $4,481,933.04. The trade was a 0.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Rackspace Technology Price Performance

Shares of Rackspace Technology stock traded up $0.25 during trading on Friday, reaching $2.63. 1,699,714 shares of the stock traded hands, compared to its average volume of 733,152. Rackspace Technology, Inc. has a 52-week low of $1.45 and a 52-week high of $3.41. The business has a fifty day simple moving average of $2.42 and a two-hundred day simple moving average of $2.43. The company has a market capitalization of $598.51 million, a price-to-earnings ratio of -0.75 and a beta of 2.02.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported ($0.04) EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.03. The firm had revenue of $675.80 million for the quarter, compared to the consensus estimate of $675.14 million. The firm's revenue was down 7.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.04) earnings per share. On average, research analysts predict that Rackspace Technology, Inc. will post -0.27 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Barclays upped their price objective on Rackspace Technology from $1.00 to $2.00 and gave the stock an "underweight" rating in a research note on Monday, November 18th. One investment 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. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $2.47.

Institutional Trading of Rackspace Technology

Hedge funds have recently made changes to their positions in the business. Creative Planning bought a new position in shares of Rackspace Technology during the third quarter valued at approximately $29,000. US Bancorp DE increased its stake in Rackspace Technology by 10,766.2% in the third quarter. US Bancorp DE now owns 16,408 shares of the company's stock worth $40,000 after purchasing an additional 16,257 shares during the period. Intech Investment Management LLC bought a new stake in shares of Rackspace Technology during the third quarter worth $50,000. FMR LLC boosted its stake in shares of Rackspace Technology by 437.5% during the third quarter. FMR LLC now owns 31,154 shares of the company's stock valued at $76,000 after purchasing an additional 25,358 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Rackspace Technology in the third quarter worth about $81,000. 82.48% of the stock is currently owned by hedge funds and other 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.