Rackspace Technology (NASDAQ:RXT) Sets New 52-Week High – Here’s Why

Shares of Rackspace Technology, Inc. (NASDAQ:RXT) reached a new 52-week high during trading on Tuesday . The stock traded as high as $2.64 and last traded at $2.63, with a volume of 23046181 shares trading hands. The stock had previously closed at $2.22.

Analyst Upgrades and Downgrades

RXT has been the topic of a number of analyst reports. Weiss Ratings restated 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 company a “sector perform” rating in a research report on Friday. Four research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $1.70.

Rackspace Technology Trading Up 20.7%

The firm has a 50-day moving average of $0.94 and a two-hundred day moving average of $1.18. The firm has a market capitalization of $652.55 million, a P/E ratio of -2.82 and a beta of 1.78.

Insider Transactions at Rackspace Technology

In related news, CFO Mark A. Marino sold 234,683 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 2,193,115 shares in the company, valued at $3,574,777.45. This represents a 9.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Dharmendra Kumar Sinha sold 45,393 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $1.81, for a total transaction of $82,161.33. Following the completion of the transaction, the executive vice president directly owned 2,464,180 shares of the company’s stock, valued at approximately $4,460,165.80. The trade was a 1.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 300,259 shares of company stock valued at $501,226 in the last three months. Company insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RXT. Quadrature Capital Ltd bought a new position in shares of Rackspace Technology in the 2nd quarter valued at $26,000. Savant Capital LLC bought a new stake in Rackspace Technology during the 3rd quarter worth $33,000. Creative Planning increased its holdings in Rackspace Technology by 114.2% in the 2nd quarter. Creative Planning now owns 25,715 shares of the company’s stock worth $33,000 after purchasing an additional 13,708 shares in the last quarter. Jump Financial LLC bought a new position in Rackspace Technology in the fourth quarter valued at about $34,000. Finally, R Squared Ltd boosted its stake in shares of Rackspace Technology by 74.3% during the third quarter. R Squared Ltd now owns 25,127 shares of the company’s stock valued at $35,000 after purchasing an additional 10,707 shares in the last quarter. 82.48% of the stock is currently owned by institutional investors and hedge funds.

About Rackspace Technology

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.