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

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark A. Marino sold 202,230 shares of Rackspace Technology stock in a transaction dated 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 transaction, 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 document filed with the SEC, which can be accessed through the SEC website.

Rackspace Technology Stock Performance

NASDAQ RXT opened at $2.62 on Thursday. Rackspace Technology, Inc. has a twelve month low of $1.45 and a twelve month high of $3.41. The stock has a market cap of $596.23 million, a PE ratio of -0.68 and a beta of 2.04. The firm has a 50-day simple moving average of $2.53 and a 200 day simple moving average of $2.50.

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, topping the consensus estimate of ($0.04) by $0.02. The firm had revenue of $685.60 million for the quarter, compared to analyst estimates of $674.85 million.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Rackspace Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Two Sigma Advisers LP lifted its stake in Rackspace Technology by 243.1% during the fourth quarter. Two Sigma Advisers LP now owns 264,200 shares of the company’s stock worth $584,000 after purchasing an additional 187,200 shares during the period. Two Sigma Investments LP increased its stake in shares of Rackspace Technology by 1,692.6% in the fourth quarter. Two Sigma Investments LP now owns 406,621 shares of the company’s stock valued at $899,000 after buying an additional 383,938 shares in the last quarter. ProShare Advisors LLC grew its holdings in Rackspace Technology by 50.6% during the 4th quarter. ProShare Advisors LLC now owns 19,030 shares of the company’s stock worth $42,000 after acquiring an additional 6,398 shares during the last quarter. Millennium Management LLC raised its position in Rackspace Technology by 38.0% in the 4th quarter. Millennium Management LLC now owns 490,994 shares of the company’s stock worth $1,085,000 after purchasing an additional 135,140 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its position in Rackspace Technology by 8.2% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 881,148 shares of the company’s stock worth $1,947,000 after purchasing an additional 66,524 shares during the period. 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.