Rackspace Technology (NASDAQ:RXT) CFO Sells $36,531.23 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark Marino sold 20,183 shares of the firm’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $1.81, for a total value of $36,531.23. Following the transaction, the chief financial officer directly owned 2,172,932 shares of the company’s stock, valued at $3,933,006.92. This represents a 0.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Rackspace Technology Stock Up 13.8%

Rackspace Technology stock traded up $0.27 during midday trading on Monday, hitting $2.22. The company’s stock had a trading volume of 31,740,842 shares, compared to its average volume of 59,821,368. Rackspace Technology, Inc. has a 12 month low of $0.39 and a 12 month high of $2.49. The company has a market capitalization of $540.77 million, a PE ratio of -2.34 and a beta of 1.78. The stock’s 50-day moving average price is $0.94 and its 200-day moving average price is $1.18.

Hedge Funds Weigh In On Rackspace Technology

A number of large investors have recently made changes to their positions in the business. AustralianSuper Pty Ltd acquired a new stake in shares of Rackspace Technology during the third quarter worth approximately $2,276,000. Intech Investment Management LLC boosted its stake in shares of Rackspace Technology by 45.4% during the 2nd quarter. Intech Investment Management LLC now owns 51,692 shares of the company’s stock valued at $66,000 after buying an additional 16,152 shares during the period. Quadrature Capital Ltd acquired a new stake in shares of Rackspace Technology during the 2nd quarter valued at $26,000. XTX Topco Ltd grew its holdings in shares of Rackspace Technology by 62.8% during the 2nd quarter. XTX Topco Ltd now owns 57,682 shares of the company’s stock valued at $74,000 after acquiring an additional 22,243 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC increased its stake in shares of Rackspace Technology by 3,385.4% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 64,828 shares of the company’s stock worth $63,000 after acquiring an additional 62,968 shares during the last quarter. Institutional investors and hedge funds own 82.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RXT. Royal Bank Of Canada lifted their target price on Rackspace Technology from $1.75 to $2.50 and gave the stock a “sector perform” rating in a report on Friday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rackspace Technology in a research note on Thursday, January 22nd. Four analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Rackspace Technology presently has an average rating of “Reduce” and a consensus price target of $1.70.

Rackspace Technology Company Profile

Rackspace Technology (NASDAQ: RXT) is a leading provider of managed multi-cloud solutions and services, specializing in the deployment, management and optimization of public and private cloud environments. The company helps organizations design and operate applications across platforms such as Amazon Web Services (AWS), Microsoft Azure, Google Cloud and its own private cloud infrastructure. Rackspace’s core offerings include cloud migration, application modernization, data protection, security services and 24x7x365 operational support.

Beyond cloud hosting, Rackspace offers a range of professional services designed to accelerate digital transformation initiatives.