Mark A. Marino Sells 202,230 Shares of Rackspace Technology, Inc. (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark A. Marino sold 202,230 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $2.61, for a total value of $527,820.30. Following the completion of the sale, the chief financial officer now owns 1,713,126 shares in the company, valued at $4,471,258.86. The trade was a 10.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Rackspace Technology Stock Down 8.0 %

Shares of NASDAQ RXT opened at $2.41 on Friday. Rackspace Technology, Inc. has a fifty-two week low of $1.45 and a fifty-two week high of $3.41. The firm’s 50-day simple moving average is $2.53 and its 200 day simple moving average is $2.50. The stock has a market cap of $548.44 million, a P/E ratio of -0.62 and a beta of 2.04.

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

Institutional Investors Weigh In On Rackspace Technology

Several hedge funds and other institutional investors have recently bought and sold shares of RXT. SG Americas Securities LLC raised its position in Rackspace Technology by 64.7% in the third quarter. SG Americas Securities LLC now owns 34,467 shares of the company’s stock worth $84,000 after acquiring an additional 13,543 shares in the last quarter. Creative Planning bought a new stake in Rackspace Technology in the third quarter worth about $29,000. US Bancorp DE raised its position in Rackspace Technology by 10,766.2% in the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock worth $40,000 after acquiring an additional 16,257 shares in the last quarter. GSA Capital Partners LLP bought a new stake in Rackspace Technology in the third quarter worth about $412,000. Finally, Sargent Investment Group LLC raised its position in Rackspace Technology by 25.6% in the third quarter. Sargent Investment Group LLC now owns 270,100 shares of the company’s stock worth $662,000 after acquiring an additional 55,000 shares in the last quarter. 82.48% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Barclays lifted their price objective 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. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock 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.