Rackspace Technology (NASDAQ:RXT) EVP Sells 45,393 Shares

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 45,393 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $1.81, for a total transaction of $82,161.33. Following the transaction, the executive vice president owned 2,464,180 shares in the company, valued at approximately $4,460,165.80. The trade was a 1.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Rackspace Technology Price Performance

Shares of NASDAQ:RXT traded up $0.27 during trading hours 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. The firm’s fifty day moving average price is $0.94 and its 200 day moving average price is $1.18. Rackspace Technology, Inc. has a 52 week low of $0.39 and a 52 week high of $2.49. The company has a market capitalization of $540.77 million, a price-to-earnings ratio of -2.34 and a beta of 1.78.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Janus Henderson Group PLC boosted its position in Rackspace Technology by 70.7% in the fourth quarter. Janus Henderson Group PLC now owns 1,050,353 shares of the company’s stock valued at $1,020,000 after buying an additional 435,113 shares during the last quarter. Bridgeway Capital Management LLC lifted its stake in Rackspace Technology by 34.6% during the 4th quarter. Bridgeway Capital Management LLC now owns 350,000 shares of the company’s stock valued at $340,000 after acquiring an additional 90,000 shares during the period. Jump Financial LLC purchased a new stake in shares of Rackspace Technology in the 4th quarter valued at $34,000. Wells Fargo & Company MN boosted its holdings in shares of Rackspace Technology by 13.4% in the 4th quarter. Wells Fargo & Company MN now owns 244,939 shares of the company’s stock valued at $238,000 after acquiring an additional 28,885 shares during the last quarter. Finally, Federated Hermes Inc. increased its stake in shares of Rackspace Technology by 4.4% in the fourth quarter. Federated Hermes Inc. now owns 719,747 shares of the company’s stock worth $699,000 after acquiring an additional 30,024 shares during the period. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RXT has been the subject of several recent research reports. Royal Bank Of Canada boosted their price target on Rackspace Technology from $1.75 to $2.50 and gave the stock a “sector perform” rating in a research report on Friday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rackspace Technology in a report on Thursday, January 22nd. Four research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Rackspace Technology currently has an average rating of “Reduce” and an average target price 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.