Mark Marino Sells 14,058 Shares of Rackspace Technology (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark Marino sold 14,058 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $1.81, for a total transaction of $25,444.98. Following the sale, the chief financial officer owned 2,158,874 shares of the company’s stock, valued at approximately $3,907,561.94. This represents a 0.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Rackspace Technology Price Performance

Rackspace Technology stock traded up $0.08 during trading hours on Wednesday, hitting $1.85. The company had a trading volume of 9,006,667 shares, compared to its average volume of 68,368,392. The firm has a market capitalization of $456.78 million, a P/E ratio of -1.95 and a beta of 1.80. The firm’s fifty day moving average is $1.19 and its 200-day moving average is $1.25. Rackspace Technology, Inc. has a fifty-two week low of $0.39 and a fifty-two week high of $2.74.

Rackspace Technology (NASDAQ:RXT) last issued its earnings results on Thursday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.03. The company had revenue of $682.80 million for the quarter, compared to analyst estimates of $672.56 million. Rackspace Technology has set its FY 2026 guidance at -0.200–0.15 EPS.

Analysts Set New Price Targets

A number of analysts recently issued reports on RXT shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Rackspace Technology in a research report on Thursday, January 22nd. Royal Bank Of Canada upped their target price on Rackspace Technology from $1.75 to $2.50 and gave the stock a “sector perform” rating in a research report on Friday, February 27th. Four equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Rackspace Technology presently has an average rating of “Reduce” and an average price target of $1.70.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RXT. AustralianSuper Pty Ltd acquired a new position in shares of Rackspace Technology during the 3rd quarter worth $2,276,000. Two Sigma Investments LP lifted its stake in shares of Rackspace Technology by 368.4% in the 3rd quarter. Two Sigma Investments LP now owns 673,689 shares of the company’s stock valued at $950,000 after purchasing an additional 529,862 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Rackspace Technology by 70.7% in the 4th quarter. Janus Henderson Group PLC now owns 1,050,353 shares of the company’s stock valued at $1,020,000 after purchasing an additional 435,113 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Rackspace Technology by 6.1% in the third quarter. Vanguard Group Inc. now owns 6,288,882 shares of the company’s stock worth $8,867,000 after purchasing an additional 359,087 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Rackspace Technology by 17.9% in the second quarter. Geode Capital Management LLC now owns 2,064,549 shares of the company’s stock worth $2,643,000 after purchasing an additional 313,636 shares in the last quarter. Institutional investors and hedge funds own 82.48% of the company’s stock.

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.