Rackspace Technology, Inc. (NASDAQ:RXT) Director Dhiren R. Fonseca Sells 26,096 Shares of Stock

Rackspace Technology, Inc. (NASDAQ:RXT) Director Dhiren R. Fonseca sold 26,096 shares of the firm’s stock in a transaction dated Wednesday, June 9th. The shares were sold at an average price of $21.17, for a total value of $552,452.32. Following the sale, the director now owns 38,240 shares of the company’s stock, valued at $809,540.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

RXT opened at $20.86 on Friday. The company’s 50 day simple moving average is $22.74. The company has a market capitalization of $4.33 billion and a PE ratio of -15.23. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.12 and a current ratio of 1.12. Rackspace Technology, Inc. has a twelve month low of $15.25 and a twelve month high of $26.43.

Rackspace Technology (NASDAQ:RXT) last announced its earnings results on Monday, May 10th. The company reported $0.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.02. Rackspace Technology had a positive return on equity of 14.18% and a negative net margin of 9.41%. The firm had revenue of $725.90 million for the quarter, compared to analysts’ expectations of $724.67 million. During the same quarter in the previous year, the company earned $0.16 earnings per share. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. On average, equities analysts forecast that Rackspace Technology, Inc. will post 1 earnings per share for the current fiscal year.

A number of large investors have recently made changes to their positions in RXT. Parkside Financial Bank & Trust bought a new stake in Rackspace Technology during the fourth quarter worth approximately $26,000. Signaturefd LLC bought a new stake in Rackspace Technology during the fourth quarter worth approximately $26,000. Steward Partners Investment Advisory LLC bought a new stake in Rackspace Technology during the fourth quarter worth approximately $38,000. IFP Advisors Inc bought a new stake in Rackspace Technology during the first quarter worth approximately $68,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Rackspace Technology during the fourth quarter worth approximately $85,000. 88.38% of the stock is currently owned by hedge funds and other institutional investors.

RXT has been the subject of several recent analyst reports. Raymond James upgraded Rackspace Technology from an “outperform” rating to a “strong-buy” rating in a research note on Tuesday, May 18th. William Blair initiated coverage on Rackspace Technology in a research note on Wednesday, March 31st. They set an “outperform” rating for the company. Finally, Zacks Investment Research upgraded Rackspace Technology from a “sell” rating to a “hold” rating in a research note on Tuesday, May 25th. One analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $27.95.

Rackspace Technology Company Profile

Rackspace Technology, Inc operates as a multi cloud technology services company worldwide. It operates through Multicloud Services and Apps & Cross Platform segments. The company's Multicloud Services segment provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; and professional services related to designing and building multi cloud solutions and cloud-native applications.

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Insider Buying and Selling by Quarter for Rackspace Technology (NASDAQ:RXT)

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