Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha Sells 88,548 Shares

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 88,548 shares of the business’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $2.67, for a total value of $236,423.16. Following the sale, the executive vice president now directly owns 2,334,166 shares of the company’s stock, valued at $6,232,223.22. This represents a 3.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Rackspace Technology Stock Performance

Shares of RXT stock traded down $0.17 during trading on Tuesday, hitting $2.48. The company had a trading volume of 896,389 shares, compared to its average volume of 1,091,737. The stock’s 50-day moving average price is $2.58 and its 200 day moving average price is $2.45. Rackspace Technology, Inc. has a one year low of $1.34 and a one year high of $3.41. The firm has a market capitalization of $564.37 million, a P/E ratio of -0.71 and a beta of 1.99.

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

Wall Street Analyst Weigh In

RXT has been the topic of several recent research reports. Barclays lifted their price target 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. UBS Group raised their price target on Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a research note on Friday, August 16th. 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $2.47.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Creative Planning purchased a new stake in shares of Rackspace Technology during the 3rd quarter valued at $29,000. US Bancorp DE raised its holdings in Rackspace Technology by 10,766.2% in the 3rd quarter. US Bancorp DE now owns 16,408 shares of the company’s stock worth $40,000 after purchasing an additional 16,257 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Rackspace Technology during the second quarter valued at approximately $40,000. Intech Investment Management LLC bought a new position in shares of Rackspace Technology during the third quarter valued at approximately $50,000. Finally, FMR LLC boosted its stake in Rackspace Technology by 437.5% in the 3rd quarter. FMR LLC now owns 31,154 shares of the company’s stock worth $76,000 after purchasing an additional 25,358 shares in the last quarter. 82.48% of the stock is currently 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.