Rackspace Technology (NASDAQ:RXT) CFO Mark Marino Sells 48,099 Shares

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark Marino sold 48,099 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $5.56, for a total transaction of $267,430.44. Following the sale, the chief financial officer directly owned 3,370,431 shares of the company’s stock, valued at approximately $18,739,596.36. This trade represents a 1.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rackspace Technology Stock Up 7.3%

Shares of RXT stock opened at $5.59 on Friday. The company has a market cap of $1.39 billion, a price-to-earnings ratio of -9.16 and a beta of 3.03. Rackspace Technology, Inc. has a 52 week low of $0.39 and a 52 week high of $7.65. The firm has a 50 day moving average of $2.90 and a 200-day moving average of $1.76.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The firm had revenue of $678.10 million for the quarter, compared to the consensus estimate of $660.83 million. Rackspace Technology has set its FY 2026 guidance at -0.200–0.150 EPS. Analysts anticipate that Rackspace Technology, Inc. will post -0.18 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on RXT shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Rackspace Technology in a research report on Tuesday. Royal Bank Of Canada lifted their price target on shares of Rackspace Technology from $1.75 to $2.50 and gave the company a “sector perform” rating in a research report on Friday, February 27th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $1.95.

Hedge Funds Weigh In On Rackspace Technology

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Rackspace Technology by 6.1% during the 3rd quarter. Vanguard Group Inc. now owns 6,288,882 shares of the company’s stock worth $8,867,000 after acquiring an additional 359,087 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in Rackspace Technology by 179.7% during the 1st quarter. Janus Henderson Group PLC now owns 2,937,670 shares of the company’s stock worth $2,878,000 after acquiring an additional 1,887,317 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Rackspace Technology by 4.2% during the 4th quarter. Geode Capital Management LLC now owns 2,408,000 shares of the company’s stock worth $2,338,000 after acquiring an additional 96,760 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Rackspace Technology by 14.0% during the 1st quarter. Renaissance Technologies LLC now owns 2,041,600 shares of the company’s stock worth $2,000,000 after acquiring an additional 250,700 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Rackspace Technology by 1.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,464,389 shares of the company’s stock worth $2,065,000 after acquiring an additional 26,510 shares during the last quarter. 82.48% of the stock is owned by hedge funds and other institutional investors.

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.