Rackspace Technology, Inc. (NASDAQ:RXT) EVP Sells $41,427.60 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 17,480 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $2.37, for a total transaction of $41,427.60. Following the completion of the sale, the executive vice president now owns 2,293,829 shares of the company’s stock, valued at $5,436,374.73. This trade represents a 0.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Rackspace Technology Price Performance

Shares of RXT opened at $2.19 on Friday. Rackspace Technology, Inc. has a 1-year low of $1.45 and a 1-year high of $3.41. The company has a 50-day moving average of $2.54 and a 200 day moving average of $2.50. The firm has a market capitalization of $498.38 million, a price-to-earnings ratio of -0.56 and a beta of 2.05.

Rackspace Technology (NASDAQ:RXT) last announced 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.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RXT. Creative Planning purchased a new position in Rackspace Technology during the 3rd quarter valued at about $29,000. Balyasny Asset Management L.P. purchased a new position in Rackspace Technology during the 4th quarter valued at about $36,000. MetLife Investment Management LLC increased its position in Rackspace Technology by 89.4% during the 4th quarter. MetLife Investment Management LLC now owns 17,539 shares of the company’s stock valued at $39,000 after purchasing an additional 8,281 shares during the period. US Bancorp DE increased its position in Rackspace Technology by 10,766.2% during the 3rd quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after purchasing an additional 16,257 shares during the period. Finally, ProShare Advisors LLC increased its position in Rackspace Technology by 50.6% during the 4th quarter. ProShare Advisors LLC now owns 19,030 shares of the company’s stock valued at $42,000 after purchasing an additional 6,398 shares during the period. Hedge funds and other institutional investors own 82.48% of the company’s stock.

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.