Rackspace Technology, Inc. (NASDAQ:RXT) EVP Sells $41,427.60 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 17,480 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $2.37, for a total transaction of $41,427.60. Following the completion of the transaction, the executive vice president now directly owns 2,293,829 shares of the company’s stock, valued at approximately $5,436,374.73. The trade was a 0.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Rackspace Technology Price Performance

Rackspace Technology stock opened at $2.19 on Friday. Rackspace Technology, Inc. has a 1-year low of $1.45 and a 1-year high of $3.41. The firm has a market capitalization of $498.38 million, a P/E ratio of -0.56 and a beta of 2.05. The company’s 50-day moving average is $2.54 and its 200 day moving average is $2.50.

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

Wall Street Analysts Forecast Growth

Separately, Barclays increased their price objective on shares of Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a research report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $2.47.

Hedge Funds Weigh In On Rackspace Technology

A number of institutional investors have recently modified their holdings of RXT. Creative Planning purchased a new position in shares of Rackspace Technology during the third quarter worth approximately $29,000. US Bancorp DE increased its position in shares of Rackspace Technology by 10,766.2% during the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock worth $40,000 after acquiring an additional 16,257 shares during the period. GSA Capital Partners LLP purchased a new position in shares of Rackspace Technology during the third quarter worth approximately $412,000. Sargent Investment Group LLC increased its position in shares of Rackspace Technology by 25.6% during the third quarter. Sargent Investment Group LLC now owns 270,100 shares of the company’s stock worth $662,000 after acquiring an additional 55,000 shares during the period. Finally, Intech Investment Management LLC purchased a new position in shares of Rackspace Technology during the third quarter worth approximately $50,000. 82.48% of the stock is owned by hedge funds and other institutional investors.

About Rackspace Technology

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.