Insider Selling: Rackspace Technology, Inc. (NASDAQ:RXT) Insider Sells 61,393 Shares of Stock

Rackspace Technology, Inc. (NASDAQ:RXTGet Free Report) insider Kellie Teal-Guess sold 61,393 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $2.13, for a total transaction of $130,767.09. Following the completion of the transaction, the insider now directly owns 909,775 shares in the company, valued at $1,937,820.75. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Rackspace Technology Trading Down 1.9 %

Shares of Rackspace Technology stock opened at $2.12 on Wednesday. The company has a 50 day moving average of $1.75 and a 200-day moving average of $1.73. The company has a market cap of $474.56 million, a PE ratio of -0.54 and a beta of 1.83. Rackspace Technology, Inc. has a 1-year low of $1.13 and a 1-year high of $3.10.

Rackspace Technology (NASDAQ:RXTGet Free Report) last issued its earnings results on Wednesday, May 15th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. Rackspace Technology had a negative return on equity of 10.18% and a negative net margin of 29.99%. The firm had revenue of $690.80 million for the quarter, compared to the consensus estimate of $684.21 million. During the same quarter last year, the business posted ($0.02) EPS. The company’s revenue was down 8.9% compared to the same quarter last year. Research analysts forecast that Rackspace Technology, Inc. will post -0.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on RXT shares. BMO Capital Markets lifted their price target on Rackspace Technology from $1.50 to $2.50 and gave the stock a “market perform” rating in a report on Wednesday, March 13th. Evercore ISI reduced their target price on shares of Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating for the company in a research report on Wednesday, March 13th. Raymond James decreased their price target on shares of Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 13th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 price objective on shares of Rackspace Technology in a research note on Wednesday, March 13th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Rackspace Technology presently has an average rating of “Hold” and a consensus target price of $2.31.

Read Our Latest Report on RXT

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rackspace Technology by 35.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,535,746 shares of the company’s stock worth $5,071,000 after acquiring an additional 667,329 shares during the last quarter. Fuller & Thaler Asset Management Inc. acquired a new position in Rackspace Technology during the 3rd quarter worth approximately $2,416,000. Federated Hermes Inc. lifted its stake in Rackspace Technology by 2.1% in the 4th quarter. Federated Hermes Inc. now owns 757,609 shares of the company’s stock valued at $1,515,000 after purchasing an additional 15,803 shares during the last quarter. CastleKnight Management LP acquired a new stake in Rackspace Technology in the fourth quarter valued at approximately $1,201,000. Finally, ClariVest Asset Management LLC acquired a new stake in Rackspace Technology in the third quarter valued at approximately $846,000. Institutional investors own 82.48% of the company’s stock.

Rackspace Technology Company Profile

(Get Free Report)

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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Insider Buying and Selling by Quarter for Rackspace Technology (NASDAQ:RXT)

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