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 that occurred on Monday, January 27th. The shares were sold at an average price of $2.34, for a total transaction of $33,831.72. Following the transaction, the chief financial officer now directly owns 1,915,356 shares of the company’s stock, valued at $4,481,933.04. The trade was a 0.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Rackspace Technology Stock Performance

RXT opened at $2.38 on Friday. The business has a fifty day moving average of $2.42 and a 200 day moving average of $2.43. Rackspace Technology, Inc. has a 52-week low of $1.45 and a 52-week high of $3.41.

Rackspace Technology (NASDAQ:RXT) last issued its earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. The company had revenue of $675.80 million for the quarter, compared to analysts’ expectations of $675.14 million. During the same period in the prior year, the firm posted ($0.04) earnings per share. The firm’s revenue for the quarter was down 7.7% compared to the same quarter last year. On average, analysts expect that Rackspace Technology, Inc. will post -0.27 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Rackspace Technology

A number of institutional investors have recently modified their holdings of RXT. The Manufacturers Life Insurance Company boosted its holdings in shares of Rackspace Technology by 44.7% in the second quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock valued at $89,000 after purchasing an additional 9,275 shares during the period. Susquehanna Fundamental Investments LLC raised its position in Rackspace Technology by 143.7% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 53,506 shares of the company’s stock valued at $159,000 after purchasing an additional 31,550 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Rackspace Technology by 64.7% in the 3rd quarter. SG Americas Securities LLC now owns 34,467 shares of the company’s stock worth $84,000 after buying an additional 13,543 shares during the period. Creative Planning bought a new position in shares of Rackspace Technology during the 3rd quarter worth $29,000. Finally, US Bancorp DE increased its stake in shares of 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 period. 82.48% of the stock is owned by hedge funds and other institutional investors.

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.