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

Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) CFO Mark A. Marino sold 202,230 shares of the company's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $2.61, for a total value of $527,820.30. Following the transaction, the chief financial officer now directly owns 1,713,126 shares in the company, valued at $4,471,258.86. The trade was a 10.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Rackspace Technology Stock Down 1.7 %

Rackspace Technology stock traded down $0.04 during midday trading on Friday, hitting $2.37. 1,248,541 shares of the stock were exchanged, compared to its average volume of 1,013,751. The stock has a market capitalization of $539.34 million, a price-to-earnings ratio of -0.61 and a beta of 2.04. Rackspace Technology, Inc. has a 52-week low of $1.45 and a 52-week high of $3.41. The business's 50-day moving average price is $2.53 and its 200-day moving average price is $2.50.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last released its earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.02. The business had revenue of $685.60 million during the quarter, compared to the consensus estimate of $674.85 million.

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Analysts Set New Price Targets

Separately, Barclays increased 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 research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $2.47.

Institutional Trading of Rackspace Technology

A number of large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC boosted its position in Rackspace Technology by 64.7% during the third quarter. SG Americas Securities LLC now owns 34,467 shares of the company's stock worth $84,000 after purchasing an additional 13,543 shares during the period. Creative Planning purchased a new stake in shares of Rackspace Technology during the 3rd quarter valued at approximately $29,000. US Bancorp DE boosted its holdings in Rackspace Technology by 10,766.2% in the 3rd quarter. US Bancorp DE now owns 16,408 shares of the company's stock worth $40,000 after buying an additional 16,257 shares during the period. GSA Capital Partners LLP purchased a new position in Rackspace Technology in the 3rd quarter valued at approximately $412,000. Finally, Sargent Investment Group LLC raised its holdings in Rackspace Technology by 25.6% during the 3rd quarter. Sargent Investment Group LLC now owns 270,100 shares of the company's stock valued at $662,000 after acquiring an additional 55,000 shares during the period. Hedge funds and other institutional investors own 82.48% of the company's stock.

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.