Rackspace Technology, Inc. (NASDAQ:RXT) Insider Sells $21,721.05 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) insider Srini Koushik sold 9,165 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $2.37, for a total value of $21,721.05. Following the sale, the insider now directly owns 1,009,086 shares in the company, valued at $2,391,533.82. This trade represents a 0.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Rackspace Technology Stock Down 5.9 %

RXT traded down $0.13 during trading on Monday, reaching $2.06. The company had a trading volume of 1,006,906 shares, compared to its average volume of 1,000,654. The business has a 50 day simple moving average of $2.54 and a 200-day simple moving average of $2.50. The stock has a market cap of $468.79 million, a P/E ratio of -0.53 and a beta of 2.05. Rackspace Technology, Inc. has a 52 week low of $1.45 and a 52 week high of $3.41.

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, topping the consensus estimate of ($0.04) by $0.02. The firm had revenue of $685.60 million during the quarter, compared to the consensus estimate of $674.85 million.

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Wall Street Analysts Forecast Growth

Separately, Barclays upped their price target on shares of Rackspace Technology from $1.00 to $2.00 and gave the company an "underweight" rating in a research note on Monday, November 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $2.47.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC lifted its stake in shares of Rackspace Technology by 24.0% during the 4th quarter. Renaissance Technologies LLC now owns 1,929,127 shares of the company's stock worth $4,263,000 after acquiring an additional 373,627 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Rackspace Technology by 3.9% during the fourth quarter. Geode Capital Management LLC now owns 1,737,981 shares of the company's stock worth $3,842,000 after purchasing an additional 64,923 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its stake in shares of Rackspace Technology by 2.5% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,203,806 shares of the company's stock valued at $2,660,000 after purchasing an additional 29,047 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in shares of Rackspace Technology by 8.2% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 881,148 shares of the company's stock worth $1,947,000 after purchasing an additional 66,524 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Rackspace Technology by 24.8% in the fourth quarter. JPMorgan Chase & Co. now owns 837,139 shares of the company's stock worth $1,850,000 after purchasing an additional 166,528 shares during the last quarter. Institutional investors 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.