Insider Selling: Rackspace Technology, Inc. (NASDAQ:RXT) EVP Sells 88,548 Shares of Stock

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 88,548 shares of the business’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $2.67, for a total transaction of $236,423.16. Following the sale, the executive vice president now owns 2,334,166 shares of the company’s stock, valued at approximately $6,232,223.22. The trade was a 3.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Dharmendra Kumar Sinha also recently made the following trade(s):

• On Tuesday, December 3rd, Dharmendra Kumar Sinha sold 23,357 shares of Rackspace Technology stock. The shares were sold at an average price of $2.54, for a total transaction of $59,326.78.

Rackspace Technology Trading Down 1.1 %

NASDAQ RXT opened at $2.58 on Friday. The company has a 50-day moving average price of $2.58 and a two-hundred day moving average price of $2.45. Rackspace Technology, Inc. has a 52 week low of $1.36 and a 52 week high of $3.41. The stock has a market cap of $587.13 million, a price-to-earnings ratio of -0.74 and a beta of 1.99.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.03. The business had revenue of $675.80 million during the quarter, compared to the consensus estimate of $675.14 million. During the same period last year, the company earned ($0.04) earnings per share. The business’s quarterly revenue was down 7.7% compared to the same quarter last year. As a group, equities research analysts expect that Rackspace Technology, Inc. will post -0.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of RXT. Renaissance Technologies LLC raised its holdings in Rackspace Technology by 23.7% during the second quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock worth $3,991,000 after purchasing an additional 256,900 shares in the last quarter. US Bancorp DE boosted its stake in Rackspace Technology by 10,766.2% during the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after buying an additional 16,257 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in Rackspace Technology by 30.1% during the first quarter. Public Employees Retirement System of Ohio now owns 133,484 shares of the company’s stock valued at $211,000 after buying an additional 30,916 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Rackspace Technology during the second quarter worth about $40,000. Finally, GSA Capital Partners LLP bought a new stake in Rackspace Technology in the third quarter worth about $412,000. 82.48% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on RXT shares. UBS Group increased their price objective on shares of Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a research note on Friday, August 16th. Barclays increased their price target on Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a research report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $2.47.

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.