Rackspace Technology, Inc. (NASDAQ:RXT) CFO Sells $527,820.30 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark A. Marino sold 202,230 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was 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 approximately $4,471,258.86. The trade was a 10.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Rackspace Technology Stock Down 1.7 %

RXT opened at $2.37 on Friday. The stock’s fifty day moving average is $2.53 and its two-hundred day moving average is $2.50. The company has a market capitalization of $539.34 million, a P/E ratio of -0.61 and a beta of 2.04. Rackspace Technology, Inc. has a 52 week low of $1.45 and a 52 week high of $3.41.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC increased 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 valued at $84,000 after acquiring an additional 13,543 shares during the period. Creative Planning purchased a new position in shares of Rackspace Technology in the 3rd quarter valued at $29,000. US Bancorp DE increased its holdings in shares of Rackspace Technology by 10,766.2% in the 3rd quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after acquiring an additional 16,257 shares during the period. GSA Capital Partners LLP purchased a new position in shares of Rackspace Technology in the 3rd quarter valued at $412,000. Finally, Sargent Investment Group LLC increased its holdings in shares of Rackspace Technology by 25.6% in the 3rd quarter. Sargent Investment Group LLC now owns 270,100 shares of the company’s stock valued at $662,000 after acquiring an additional 55,000 shares during the period. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Barclays increased their price target on 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 given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $2.47.

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.