Rackspace Technology (NASDAQ:RXT) CFO Sells $382,533.29 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark Marino sold 234,683 shares of the business’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $1.63, for a total transaction of $382,533.29. Following the sale, the chief financial officer directly owned 2,193,115 shares of the company’s stock, valued at approximately $3,574,777.45. The trade was a 9.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Rackspace Technology Stock Performance

Shares of NASDAQ RXT traded down $0.19 during trading on Monday, hitting $1.49. The company had a trading volume of 94,899,889 shares, compared to its average volume of 27,770,859. Rackspace Technology, Inc. has a 12 month low of $0.39 and a 12 month high of $2.89. The firm has a market capitalization of $362.95 million, a P/E ratio of -1.38 and a beta of 2.19. The stock has a 50 day simple moving average of $0.85 and a 200 day simple moving average of $1.15.

Institutional Investors Weigh In On Rackspace Technology

A number of hedge funds have recently made changes to their positions in RXT. AustralianSuper Pty Ltd purchased a new stake in shares of Rackspace Technology during the 3rd quarter worth approximately $2,276,000. Intech Investment Management LLC lifted its stake in shares of Rackspace Technology by 45.4% in the 2nd quarter. Intech Investment Management LLC now owns 51,692 shares of the company’s stock valued at $66,000 after purchasing an additional 16,152 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in Rackspace Technology during the 2nd quarter valued at $26,000. Brevan Howard Capital Management LP lifted its position in Rackspace Technology by 62.9% in the second quarter. Brevan Howard Capital Management LP now owns 85,472 shares of the company’s stock worth $109,000 after buying an additional 32,996 shares during the last quarter. Finally, XTX Topco Ltd increased its position in Rackspace Technology by 62.8% during the second 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 during the last quarter. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Royal Bank Of Canada dropped their price target on shares of Rackspace Technology from $2.00 to $1.75 and set a “sector perform” rating for the company in a research report on Monday, November 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rackspace Technology in a report on Thursday, January 22nd. Four analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $1.51.

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.