Rackspace Technology, Inc. (NASDAQ:RXT) CTO Sells $51,984.90 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CTO Srini Koushik sold 19,470 shares of the business’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $2.67, for a total transaction of $51,984.90. Following the completion of the transaction, the chief technology officer now owns 1,026,279 shares in the company, valued at approximately $2,740,164.93. The trade was a 1.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Srini Koushik also recently made the following trade(s):

• On Tuesday, December 3rd, Srini Koushik sold 8,028 shares of Rackspace Technology stock. The shares were sold at an average price of $2.54, for a total transaction of $20,391.12.

Rackspace Technology Stock Down 1.1 %

Shares of RXT opened at $2.58 on Friday. The stock has a market capitalization of $587.13 million, a P/E ratio of -0.74 and a beta of 1.99. The firm 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 twelve month low of $1.36 and a twelve month high of $3.41.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings results 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 business had revenue of $675.80 million during the quarter, compared to the consensus estimate of $675.14 million. During the same quarter in the previous year, the business earned ($0.04) earnings per share. The firm’s revenue was down 7.7% compared to the same quarter last year. Sell-side analysts expect that Rackspace Technology, Inc. will post -0.27 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RXT. UBS Group boosted their target price 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 lifted their price target on shares of Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a research note on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $2.47.

Institutional Investors Weigh In On Rackspace Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC grew its holdings in shares of Rackspace Technology by 23.7% in the second quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock valued at $3,991,000 after purchasing an additional 256,900 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of Rackspace Technology by 139.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 814,624 shares of the company’s stock worth $1,996,000 after purchasing an additional 474,299 shares during the last quarter. Jane Street Group LLC lifted its position in shares of Rackspace Technology by 27.4% during the third quarter. Jane Street Group LLC now owns 773,454 shares of the company’s stock worth $1,895,000 after purchasing an additional 166,528 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Rackspace Technology by 7.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 590,724 shares of the company’s stock valued at $1,447,000 after acquiring an additional 41,697 shares in the last quarter. Finally, ClariVest Asset Management LLC raised its holdings 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 acquiring an additional 10,281 shares in the last quarter. Institutional investors own 82.48% of the company’s stock.

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.