Rackspace Technology, Inc. (NASDAQ:RXT – Get Free Report) CEO Amar Maletira sold 82,552 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $2.37, for a total transaction of $195,648.24. Following the transaction, the chief executive officer now owns 4,983,984 shares of the company’s stock, valued at approximately $11,812,042.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Amar Maletira also recently made the following trade(s):
- On Monday, September 30th, Amar Maletira sold 84,823 shares of Rackspace Technology stock. The stock was sold at an average price of $2.42, for a total transaction of $205,271.66.
- On Wednesday, August 21st, Amar Maletira sold 52,206 shares of Rackspace Technology stock. The shares were sold at an average price of $2.35, for a total value of $122,684.10.
Rackspace Technology Stock Performance
Shares of Rackspace Technology stock remained flat at $2.38 on Wednesday. The stock had a trading volume of 602,344 shares, compared to its average volume of 1,161,289. The business has a 50-day moving average price of $2.32 and a 200 day moving average price of $2.18. The firm has a market cap of $532.77 million, a PE ratio of -0.60 and a beta of 1.98. Rackspace Technology, Inc. has a fifty-two week low of $1.15 and a fifty-two week high of $3.18.
Analyst Ratings Changes
Separately, UBS Group increased their price objective on Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a report on Friday, August 16th. Two research analysts have 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.com, Rackspace Technology has an average rating of “Hold” and an average price target of $2.15.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC boosted its holdings in Rackspace Technology by 143.7% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 53,506 shares of the company’s stock valued at $159,000 after purchasing an additional 31,550 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Rackspace Technology by 44.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock valued at $89,000 after buying an additional 9,275 shares during the period. Sargent Investment Group LLC boosted its stake in shares of Rackspace Technology by 86.9% in the second quarter. Sargent Investment Group LLC now owns 215,100 shares of the company’s stock valued at $641,000 after buying an additional 100,000 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Rackspace Technology by 23.7% during the second quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock worth $3,991,000 after acquiring an additional 256,900 shares during the period. Finally, ClariVest Asset Management LLC raised its position in Rackspace Technology by 2.8% in the second quarter. ClariVest Asset Management LLC now owns 379,721 shares of the company’s stock worth $1,132,000 after acquiring an additional 10,281 shares in the last quarter. 82.48% of the stock is 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.
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