Rackspace Technology, Inc. (NASDAQ:RXT) CEO Sells $205,271.66 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CEO Amar Maletira sold 84,823 shares of the stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $2.42, for a total transaction of $205,271.66. Following the completion of the transaction, the chief executive officer now directly owns 5,158,399 shares of the company’s stock, valued at approximately $12,483,325.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Amar Maletira also recently made the following trade(s):

• On Wednesday, October 2nd, Amar Maletira sold 82,552 shares of Rackspace Technology stock. The stock was sold at an average price of $2.37, for a total value of $195,648.24.
• 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 Price Performance

RXT remained flat at $2.38 during trading on Wednesday. The company’s stock had a trading volume of 602,344 shares, compared to its average volume of 1,161,289. The company has a market capitalization of $532.77 million, a PE ratio of -0.60 and a beta of 1.98. The company’s 50 day moving average price is $2.32 and its 200 day moving average price is $2.18. Rackspace Technology, Inc. has a 52-week low of $1.15 and a 52-week high of $3.18.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.03. The business had revenue of $684.90 million during the quarter, compared to the consensus estimate of $669.10 million. As a group, analysts predict that Rackspace Technology, Inc. will post -0.32 earnings per share for the current year.

Analysts Set New Price Targets

Separately, UBS Group upped their target price on shares of Rackspace Technology from $2.10 to $2.30 and gave the stock 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $2.15.

Hedge Funds Weigh In On Rackspace Technology

A number of large investors have recently modified their holdings of RXT. Susquehanna Fundamental Investments LLC lifted its stake in shares of Rackspace Technology by 143.7% during the second quarter. Susquehanna Fundamental Investments LLC now owns 53,506 shares of the company’s stock valued at $159,000 after acquiring an additional 31,550 shares during the period. The Manufacturers Life Insurance Company lifted its position in Rackspace Technology by 44.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock valued at $89,000 after purchasing 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 2nd quarter. Sargent Investment Group LLC now owns 215,100 shares of the company’s stock valued at $641,000 after purchasing an additional 100,000 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Rackspace Technology by 23.7% during the 2nd quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock worth $3,991,000 after buying an additional 256,900 shares during the period. Finally, ClariVest Asset Management LLC grew its position in shares of Rackspace Technology by 2.8% during the 2nd quarter. ClariVest Asset Management LLC now owns 379,721 shares of the company’s stock worth $1,132,000 after buying an additional 10,281 shares during the period. 82.48% of the stock is currently owned by institutional investors and hedge funds.

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.