Insider Selling: Rackspace Technology, Inc. (NASDAQ:RXT) Insider Sells 8,028 Shares of Stock

Rackspace Technology, Inc. (NASDAQ:RXT) insider Srini Koushik sold 8,028 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $2.54, for a total value of $20,391.12. Following the completion of the transaction, the insider now directly owns 1,018,251 shares in the company, valued at approximately $2,586,357.54. This represents a 0.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Srini Koushik also recently made the following trade(s):

• On Friday, November 29th, Srini Koushik sold 19,470 shares of Rackspace Technology stock. The shares were sold at an average price of $2.67, for a total transaction of $51,984.90.

Rackspace Technology Stock Up 0.4 %

RXT stock opened at $2.59 on Friday. Rackspace Technology, Inc. has a 12 month low of $1.38 and a 12 month high of $3.41. The firm’s 50-day moving average is $2.58 and its 200 day moving average is $2.45.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.03. The firm had revenue of $675.80 million for the quarter, compared to analysts’ expectations of $675.14 million. During the same quarter in the prior year, the business posted ($0.04) EPS. The business’s quarterly revenue was down 7.7% on a year-over-year basis. As a group, sell-side analysts predict that Rackspace Technology, Inc. will post -0.27 EPS for the current year.

Institutional Trading of Rackspace Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio lifted its stake in shares of Rackspace Technology by 30.1% during the 1st quarter. Public Employees Retirement System of Ohio now owns 133,484 shares of the company’s stock worth $211,000 after purchasing an additional 30,916 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Rackspace Technology by 17.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 222,778 shares of the company’s stock valued at $664,000 after purchasing an additional 32,468 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Rackspace Technology during the 2nd quarter worth approximately $40,000. ClariVest Asset Management LLC increased its stake in Rackspace Technology by 2.8% during the 2nd quarter. ClariVest Asset Management LLC now owns 379,721 shares of the company’s stock valued at $1,132,000 after purchasing an additional 10,281 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of Rackspace Technology by 23.7% in the second quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock worth $3,991,000 after buying an additional 256,900 shares during the last quarter. Institutional investors own 82.48% of the company’s stock.

Analysts Set New Price Targets

RXT has been the subject of several research analyst reports. Barclays increased their target price on Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a research report on Monday, November 18th. UBS Group raised their target price on shares of Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a report on Friday, August 16th. One 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 stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $2.47.

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.