Mark Marino Sells 48,099 Shares of Rackspace Technology (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark Marino sold 48,099 shares of Rackspace Technology stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $5.56, for a total value of $267,430.44. Following the completion of the transaction, the chief financial officer owned 3,370,431 shares of the company’s stock, valued at approximately $18,739,596.36. This represents a 1.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rackspace Technology Stock Performance

Shares of Rackspace Technology stock traded up $0.38 on Thursday, hitting $5.59. The company’s stock had a trading volume of 12,460,479 shares, compared to its average volume of 42,670,708. Rackspace Technology, Inc. has a 1 year low of $0.39 and a 1 year high of $7.65. The firm has a fifty day moving average price of $2.90 and a 200-day moving average price of $1.76. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of -9.16 and a beta of 3.03.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The company had revenue of $678.10 million during the quarter, compared to analysts’ expectations of $660.83 million. Rackspace Technology has set its FY 2026 guidance at -0.200–0.150 EPS. As a group, analysts forecast that Rackspace Technology, Inc. will post -0.18 EPS for the current year.

Wall Street Analysts Forecast Growth

RXT has been the subject of several recent analyst reports. Royal Bank Of Canada lifted their price target on Rackspace Technology from $1.75 to $2.50 and gave the company a “sector perform” rating in a research note on Friday, February 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Rackspace Technology in a research note on Tuesday. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $1.95.

Institutional Investors Weigh In On Rackspace Technology

Large investors have recently bought and sold shares of the company. AEGON USA Investment Management LLC purchased a new stake in Rackspace Technology during the 4th quarter worth approximately $194,000. JPMorgan Chase & Co. increased its stake in Rackspace Technology by 1.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,464,389 shares of the company’s stock worth $2,065,000 after buying an additional 26,510 shares in the last quarter. Janus Henderson Group PLC increased its stake in Rackspace Technology by 70.7% during the 4th quarter. Janus Henderson Group PLC now owns 1,050,353 shares of the company’s stock worth $1,020,000 after buying an additional 435,113 shares in the last quarter. Ameriprise Financial Inc. increased its stake in Rackspace Technology by 9.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 387,182 shares of the company’s stock worth $496,000 after buying an additional 33,356 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Rackspace Technology by 46,034.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 279,115 shares of the company’s stock worth $271,000 after buying an additional 278,510 shares in the last quarter. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

Rackspace Technology Company Profile

Rackspace Technology (NASDAQ: RXT) is a leading provider of managed multi-cloud solutions and services, specializing in the deployment, management and optimization of public and private cloud environments. The company helps organizations design and operate applications across platforms such as Amazon Web Services (AWS), Microsoft Azure, Google Cloud and its own private cloud infrastructure. Rackspace’s core offerings include cloud migration, application modernization, data protection, security services and 24x7x365 operational support.

Beyond cloud hosting, Rackspace offers a range of professional services designed to accelerate digital transformation initiatives.