Rackspace Technology (NASDAQ:RXT) CFO Sells $25,444.98 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark Marino sold 14,058 shares of the company’s stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $1.81, for a total transaction of $25,444.98. Following the completion of the transaction, the chief financial officer owned 2,158,874 shares of the company’s stock, valued at $3,907,561.94. This trade represents a 0.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Rackspace Technology Trading Down 5.6%

RXT opened at $1.69 on Friday. Rackspace Technology, Inc. has a twelve month low of $0.39 and a twelve month high of $2.74. The firm has a market cap of $417.28 million, a price-to-earnings ratio of -1.78 and a beta of 1.80. The company has a fifty day simple moving average of $1.22 and a 200 day simple moving average of $1.25.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The firm had revenue of $682.80 million during the quarter, compared to analyst estimates of $672.56 million. Rackspace Technology has set its FY 2026 guidance at -0.200–0.15 EPS.

Analysts Set New Price Targets

A number of brokerages recently commented on RXT. Weiss Ratings reissued a “sell (d-)” rating on shares of Rackspace Technology in a report on Thursday, January 22nd. Royal Bank Of Canada lifted their price objective on Rackspace Technology from $1.75 to $2.50 and gave the stock a “sector perform” rating in a report on Friday, February 27th. Four research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $1.70.

Institutional Investors Weigh In On Rackspace Technology

A number of institutional investors have recently modified their holdings of RXT. AustralianSuper Pty Ltd acquired a new position in Rackspace Technology in the third quarter worth about $2,276,000. Intech Investment Management LLC raised its stake in Rackspace Technology by 45.4% during the second quarter. Intech Investment Management LLC now owns 51,692 shares of the company’s stock valued at $66,000 after buying an additional 16,152 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Rackspace Technology during the second quarter valued at approximately $26,000. XTX Topco Ltd lifted its holdings in Rackspace Technology by 62.8% during the 2nd quarter. XTX Topco Ltd now owns 57,682 shares of the company’s stock worth $74,000 after buying an additional 22,243 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its holdings in Rackspace Technology by 3,385.4% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 64,828 shares of the company’s stock worth $63,000 after buying an additional 62,968 shares during the last quarter. Institutional investors and hedge funds own 82.48% of the company’s stock.

About Rackspace Technology

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.