Rackspace Technology, Inc. (NASDAQ:RXT) CEO Amar Maletira Sells 55,461 Shares

Rackspace Technology, Inc. (NASDAQ:RXT) CEO Amar Maletira sold 55,461 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $2.54, for a total value of $140,870.94. Following the completion of the transaction, the chief executive officer now directly owns 4,928,523 shares of the company’s stock, valued at approximately $12,518,448.42. This trade represents a 1.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Amar Maletira also recently made the following trade(s):

• On Wednesday, October 2nd, Amar Maletira sold 82,552 shares of Rackspace Technology stock. The shares were sold at an average price of $2.37, for a total value of $195,648.24.
• On Monday, September 30th, Amar Maletira sold 84,823 shares of Rackspace Technology stock. The stock was sold at an average price of $2.42, for a total value of $205,271.66.

Rackspace Technology Stock Down 1.1 %

Shares of NASDAQ RXT traded down $0.03 during trading on Thursday, hitting $2.58. The company had a trading volume of 1,312,599 shares, compared to its average volume of 1,091,619. The firm has a market capitalization of $587.13 million, a price-to-earnings ratio of -0.74 and a beta of 1.99. The stock has a fifty day simple moving average of $2.58 and a two-hundred day simple moving average of $2.45. Rackspace Technology, Inc. has a fifty-two week low of $1.36 and a fifty-two week high of $3.41.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.03. The firm had revenue of $675.80 million during the quarter, compared to analyst estimates of $675.14 million. During the same quarter in the previous year, the firm posted ($0.04) earnings per share. The company’s quarterly revenue was down 7.7% on a year-over-year basis. On average, analysts anticipate that Rackspace Technology, Inc. will post -0.27 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. UBS Group lifted their price objective on shares of Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a report on Friday, August 16th. Barclays upped their price target on Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a report on Monday, November 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $2.47.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RXT. The Manufacturers Life Insurance Company raised its holdings in Rackspace Technology by 44.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock valued at $89,000 after acquiring an additional 9,275 shares during the last quarter. ClariVest Asset Management LLC grew its position in shares of Rackspace Technology by 2.8% in the second quarter. ClariVest Asset Management LLC now owns 379,721 shares of the company’s stock valued at $1,132,000 after purchasing an additional 10,281 shares in the last quarter. Creative Planning acquired a new stake in shares of Rackspace Technology in the third quarter valued at approximately $29,000. Allspring Global Investments Holdings LLC purchased a new position in Rackspace Technology during the second quarter worth approximately $40,000. Finally, SG Americas Securities LLC boosted its stake in Rackspace Technology by 64.7% during the third quarter. SG Americas Securities LLC now owns 34,467 shares of the company’s stock worth $84,000 after buying an additional 13,543 shares during the last quarter. 82.48% of the stock is owned by institutional investors and hedge funds.

About Rackspace Technology

Rackspace Technology, Inc operates as a multi cloud technology services company in the Americas, Europe, the Middle East, Africa, and The Asia-Pacific region. It operates through three segments: Multicloud Services, Apps & Cross Platform, and OpenStack Public Cloud. The company provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; professional services related to designing and building multi cloud solutions and cloud-native applications; and managed hosting and colocation services.