Rackspace Technology, Inc. (NASDAQ:RXT) CFO Sells $221,296.14 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark A. Marino sold 94,571 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $2.34, for a total transaction of $221,296.14. Following the completion of the sale, the chief financial officer now directly owns 1,995,033 shares of the company’s stock, valued at approximately $4,668,377.22. This represents a 4.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Rackspace Technology Stock Performance

NASDAQ RXT remained flat at $2.37 during trading hours on Tuesday. 1,122,301 shares of the company were exchanged, compared to its average volume of 1,014,362. Rackspace Technology, Inc. has a one year low of $1.45 and a one year high of $3.41. The company has a market cap of $539.34 million, a price-to-earnings ratio of -0.61 and a beta of 2.04. The business’s 50-day simple moving average is $2.54 and its 200-day simple moving average is $2.51.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. The business had revenue of $685.60 million for the quarter, compared to analysts’ expectations of $674.85 million.

Wall Street Analyst Weigh In

Separately, Barclays increased their price target on shares of Rackspace Technology from $1.00 to $2.00 and gave the stock 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 issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $2.47.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Two Sigma Advisers LP raised its holdings in Rackspace Technology by 243.1% in the fourth quarter. Two Sigma Advisers LP now owns 264,200 shares of the company’s stock worth $584,000 after buying an additional 187,200 shares during the last quarter. Two Sigma Investments LP raised its holdings in Rackspace Technology by 1,692.6% in the fourth quarter. Two Sigma Investments LP now owns 406,621 shares of the company’s stock worth $899,000 after buying an additional 383,938 shares during the last quarter. ProShare Advisors LLC raised its holdings in Rackspace Technology by 50.6% in the fourth quarter. ProShare Advisors LLC now owns 19,030 shares of the company’s stock worth $42,000 after buying an additional 6,398 shares during the last quarter. Millennium Management LLC raised its holdings in Rackspace Technology by 38.0% in the fourth quarter. Millennium Management LLC now owns 490,994 shares of the company’s stock worth $1,085,000 after buying an additional 135,140 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in Rackspace Technology by 8.2% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 881,148 shares of the company’s stock worth $1,947,000 after buying an additional 66,524 shares during the last quarter. 82.48% of the stock is owned by hedge funds and other institutional investors.

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.