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 stock in a transaction dated Friday, February 28th. The shares were 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 in the company, valued at approximately $4,668,377.22. The trade was a 4.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Rackspace Technology Stock Performance

RXT opened at $2.41 on Thursday. Rackspace Technology, Inc. has a 1 year low of $1.45 and a 1 year high of $3.41. The company’s 50 day simple moving average is $2.54 and its 200 day simple moving average is $2.50. The stock has a market capitalization of $548.44 million, a PE ratio of -0.62 and a beta of 2.05.

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

Analyst Upgrades and Downgrades

Separately, Barclays raised 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 analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $2.47.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RXT. Jacobs Levy Equity Management Inc. raised its stake 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 valued at $1,996,000 after purchasing an additional 474,299 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Rackspace Technology during the fourth quarter valued at approximately $855,000. Two Sigma Investments LP raised its stake in shares of Rackspace Technology by 1,692.6% during the fourth quarter. Two Sigma Investments LP now owns 406,621 shares of the company’s stock valued at $899,000 after purchasing an additional 383,938 shares during the period. Renaissance Technologies LLC raised its stake in shares of Rackspace Technology by 24.0% during the fourth quarter. Renaissance Technologies LLC now owns 1,929,127 shares of the company’s stock valued at $4,263,000 after purchasing an additional 373,627 shares during the period. Finally, Prudential Financial Inc. purchased a new stake in shares of Rackspace Technology during the fourth quarter valued at approximately $715,000. Hedge funds and other 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.