Dharmendra Kumar Sinha Sells 188,123 Shares of Rackspace Technology (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 188,123 shares of the stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $1.81, for a total transaction of $340,502.63. Following the transaction, the executive vice president owned 2,276,057 shares of the company’s stock, valued at approximately $4,119,663.17. The trade was a 7.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Dharmendra Kumar Sinha also recently made the following trade(s):

• On Monday, March 2nd, Dharmendra Kumar Sinha sold 45,393 shares of Rackspace Technology stock. The stock was sold at an average price of $1.81, for a total value of $82,161.33.

Rackspace Technology Trading Down 3.2%

Shares of RXT opened at $1.79 on Friday. The stock has a 50-day moving average price of $1.21 and a 200-day moving average price of $1.25. The company has a market cap of $441.97 million, a PE ratio of -1.88 and a beta of 1.80. Rackspace Technology, Inc. has a 12-month low of $0.39 and a 12-month high of $2.74.

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

Institutional Investors Weigh In On Rackspace Technology

Several institutional investors have recently bought and sold shares of RXT. Quadrature Capital Ltd bought a new position in Rackspace Technology during the 2nd quarter worth approximately $26,000. Savant Capital LLC bought a new stake in Rackspace Technology in the third quarter valued at approximately $33,000. Creative Planning lifted its position in Rackspace Technology by 114.2% in the second quarter. Creative Planning now owns 25,715 shares of the company’s stock valued at $33,000 after purchasing an additional 13,708 shares during the last quarter. Jump Financial LLC purchased a new stake in shares of Rackspace Technology during the fourth quarter valued at approximately $34,000. Finally, R Squared Ltd grew its holdings in shares of Rackspace Technology by 74.3% in the third quarter. R Squared Ltd now owns 25,127 shares of the company’s stock worth $35,000 after purchasing an additional 10,707 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

RXT has been the topic of a number of research reports. Royal Bank Of Canada raised their price objective on Rackspace Technology from $1.75 to $2.50 and gave the company a “sector perform” rating in a report on Friday, February 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rackspace Technology in a research report on Thursday, January 22nd. Four research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock 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.