Rackspace Technology, Inc. (NASDAQ:RXT) CFO Sells $221,296.14 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) CFO Mark A. Marino sold 94,571 shares of the business's stock in a transaction on Friday, February 28th. The shares were sold at an average price of $2.34, for a total transaction of $221,296.14. Following the sale, the chief financial officer now directly owns 1,995,033 shares in the company, valued at $4,668,377.22. This trade represents a 4.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Rackspace Technology Price Performance

NASDAQ:RXT traded down $0.03 during mid-day trading on Friday, hitting $2.19. The company's stock had a trading volume of 1,020,327 shares, compared to its average volume of 1,000,628. Rackspace Technology, Inc. has a 1 year low of $1.45 and a 1 year high of $3.41. The stock has a market cap of $498.38 million, a price-to-earnings ratio of -0.56 and a beta of 2.05. The business's fifty day moving average is $2.54 and its two-hundred day moving average is $2.50.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The company reported ($0.02) 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 analysts' expectations of $674.85 million.

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Analyst Ratings Changes

Separately, Barclays boosted their price objective on shares of Rackspace Technology from $1.00 to $2.00 and gave the company an "underweight" rating in a report on Monday, November 18th. 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $2.47.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Creative Planning acquired a new position in shares of Rackspace Technology in the third quarter worth about $29,000. Balyasny Asset Management L.P. acquired a new position in shares of Rackspace Technology in the fourth quarter worth about $36,000. US Bancorp DE raised its position in shares of 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 acquiring an additional 16,257 shares during the period. MetLife Investment Management LLC raised its position in shares of Rackspace Technology by 89.4% in the fourth quarter. MetLife Investment Management LLC now owns 17,539 shares of the company's stock worth $39,000 after acquiring an additional 8,281 shares during the period. Finally, ProShare Advisors LLC raised its position in shares of Rackspace Technology by 50.6% in the fourth quarter. ProShare Advisors LLC now owns 19,030 shares of the company's stock worth $42,000 after acquiring an additional 6,398 shares during the period. Institutional investors and hedge funds 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.