Dharmendra Kumar Sinha Sells 23,357 Shares of Rackspace Technology, Inc. (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 23,357 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $2.54, for a total value of $59,326.78. Following the sale, the executive vice president now directly owns 2,311,309 shares of the company’s stock, valued at approximately $5,870,724.86. This trade represents a 1.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

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

• On Friday, November 29th, Dharmendra Kumar Sinha sold 88,548 shares of Rackspace Technology stock. The shares were sold at an average price of $2.67, for a total value of $236,423.16.

Rackspace Technology Stock Up 0.4 %

Shares of RXT stock opened at $2.59 on Friday. The stock has a fifty day moving average of $2.58 and a 200 day moving average of $2.45. Rackspace Technology, Inc. has a 52 week low of $1.38 and a 52 week high of $3.41.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.03. The business had revenue of $675.80 million during the quarter, compared to analysts’ expectations of $675.14 million. The business’s revenue was down 7.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.04) EPS. Equities analysts anticipate that Rackspace Technology, Inc. will post -0.27 EPS for the current year.

Analysts Set New Price Targets

RXT has been the subject of a number of analyst reports. UBS Group increased their price objective on Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a research note on Friday, August 16th. Barclays upped their target price on Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a report on Monday, November 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $2.47.

Hedge Funds Weigh In On Rackspace Technology

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

Rackspace Technology Company Profile

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.