Mark A. Marino Sells 14,458 Shares of Rackspace Technology, Inc. (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark A. Marino sold 14,458 shares of the business’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $2.34, for a total value of $33,831.72. Following the completion of the transaction, the chief financial officer now directly owns 1,915,356 shares of the company’s stock, valued at approximately $4,481,933.04. The trade was a 0.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Rackspace Technology Stock Up 0.4 %

Shares of NASDAQ:RXT opened at $2.38 on Friday. The business’s 50-day moving average is $2.42 and its 200 day moving average is $2.43. Rackspace Technology, Inc. has a 1 year low of $1.45 and a 1 year 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, beating the consensus estimate of ($0.07) by $0.03. The company had revenue of $675.80 million for the quarter, compared to analyst estimates of $675.14 million. The business’s revenue was down 7.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.04) EPS. On average, equities research analysts predict that Rackspace Technology, Inc. will post -0.27 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Barclays boosted their target price on shares of Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a report on Monday, November 18th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $2.47.

Institutional Investors Weigh In On Rackspace Technology

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Jacobs Levy Equity Management Inc. raised its stake in Rackspace Technology by 139.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 814,624 shares of the company’s stock worth $1,996,000 after acquiring an additional 474,299 shares during the last quarter. US Bancorp DE increased its holdings in shares of Rackspace Technology by 10,766.2% in the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after purchasing an additional 16,257 shares during the period. Jane Street Group LLC raised its stake in shares of Rackspace Technology by 27.4% in 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. FMR LLC lifted its holdings in shares of Rackspace Technology by 437.5% during the third quarter. FMR LLC now owns 31,154 shares of the company’s stock worth $76,000 after purchasing an additional 25,358 shares during the period. Finally, Barclays PLC boosted its position in Rackspace Technology by 86.1% in the third quarter. Barclays PLC now owns 109,997 shares of the company’s stock valued at $270,000 after buying an additional 50,896 shares during the last quarter. 82.48% of the stock is currently owned by institutional investors and hedge funds.

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.