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

Rackspace Technology, Inc. (NASDAQ:RXTGet Free Report) CTO Srini Koushik sold 19,470 shares of the stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $2.67, for a total transaction of $51,984.90. Following the completion of the sale, the chief technology officer now directly owns 1,026,279 shares in the company, valued at approximately $2,740,164.93. The trade was a 1.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Rackspace Technology Trading Down 6.4 %

NASDAQ RXT traded down $0.17 during trading on Tuesday, hitting $2.48. The company had a trading volume of 896,389 shares, compared to its average volume of 1,091,737. The company’s fifty day moving average is $2.58 and its 200-day moving average is $2.45. The company has a market cap of $564.37 million, a price-to-earnings ratio of -0.71 and a beta of 1.99. Rackspace Technology, Inc. has a one year low of $1.34 and a one year high of $3.41.

Rackspace Technology (NASDAQ:RXTGet Free Report) last released its 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 company had revenue of $675.80 million during the quarter, compared to analysts’ expectations of $675.14 million. During the same period in the prior year, the company posted ($0.04) earnings per share. The company’s revenue was down 7.7% on a year-over-year basis. As a group, equities analysts anticipate that Rackspace Technology, Inc. will post -0.27 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RXT. Barclays raised their target price 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. UBS Group upped their target price on shares of Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a research report on Friday, August 16th. One 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 company currently has a consensus rating of “Hold” and an average price target of $2.47.

Get Our Latest Stock Report on Rackspace Technology

Institutional Trading of Rackspace Technology

A number of large investors have recently made changes to their positions in RXT. Creative Planning purchased a new stake in Rackspace Technology during the third quarter valued at $29,000. US Bancorp DE boosted its stake in Rackspace Technology by 10,766.2% during the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after buying an additional 16,257 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Rackspace Technology in the second quarter valued at $40,000. Intech Investment Management LLC purchased a new stake in shares of Rackspace Technology during the 3rd quarter valued at about $50,000. Finally, FMR LLC raised its position in Rackspace Technology by 437.5% during the third quarter. FMR LLC now owns 31,154 shares of the company’s stock valued at $76,000 after purchasing an additional 25,358 shares during the period. 82.48% of the stock is currently owned by institutional investors.

Rackspace Technology Company Profile

(Get Free Report)

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.

Further Reading

Insider Buying and Selling by Quarter for Rackspace Technology (NASDAQ:RXT)

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