Rackspace Technology, Inc. (NASDAQ:RXT) CEO Sells $90,901.35 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CEO Amar Maletira sold 38,355 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $2.37, for a total value of $90,901.35. Following the transaction, the chief executive officer now directly owns 4,890,168 shares of the company’s stock, valued at $11,589,698.16. The trade was a 0.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Rackspace Technology Price Performance

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

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

Analyst Ratings Changes

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

Institutional Trading of Rackspace Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC lifted its position in Rackspace Technology by 24.0% in the fourth quarter. Renaissance Technologies LLC now owns 1,929,127 shares of the company’s stock valued at $4,263,000 after purchasing an additional 373,627 shares during the last quarter. Geode Capital Management LLC lifted its position in Rackspace Technology by 3.9% in the fourth quarter. Geode Capital Management LLC now owns 1,737,981 shares of the company’s stock valued at $3,842,000 after purchasing an additional 64,923 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its position in Rackspace Technology by 2.5% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,203,806 shares of the company’s stock valued at $2,660,000 after purchasing an additional 29,047 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted 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 valued at $1,947,000 after purchasing an additional 66,524 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Rackspace Technology by 24.8% in the fourth quarter. JPMorgan Chase & Co. now owns 837,139 shares of the company’s stock valued at $1,850,000 after purchasing an additional 166,528 shares during the last quarter. 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.