Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) CTO Srini Koushik sold 19,470 shares of Rackspace Technology stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $2.67, for a total value of $51,984.90. Following the transaction, the chief technology officer now owns 1,026,279 shares of the company's stock, valued at $2,740,164.93. This represents a 1.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Rackspace Technology Trading Down 6.4 %
NASDAQ RXT opened at $2.48 on Wednesday. The business's 50-day moving average price is $2.58 and its 200 day moving average price is $2.45. Rackspace Technology, Inc. has a twelve month low of $1.34 and a twelve month high of $3.41. The company has a market capitalization of $564.37 million, a PE ratio of -0.71 and a beta of 1.99.
Rackspace Technology (NASDAQ:RXT - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.03. The company had revenue of $675.80 million for the quarter, compared to analysts' expectations of $675.14 million. During the same period in the prior year, the business earned ($0.04) EPS. The business's revenue for the quarter was down 7.7% on a year-over-year basis. Equities analysts predict that Rackspace Technology, Inc. will post -0.27 EPS for the current year.
Institutional Inflows and Outflows
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio raised its holdings in Rackspace Technology by 30.1% in 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 during the period. Bank of New York Mellon Corp raised its stake in shares of Rackspace Technology by 17.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 222,778 shares of the company's stock valued at $664,000 after acquiring an additional 32,468 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of Rackspace Technology during the 2nd quarter valued at $40,000. ClariVest Asset Management LLC boosted its position in Rackspace Technology by 2.8% during the 2nd quarter. ClariVest Asset Management LLC now owns 379,721 shares of the company's stock worth $1,132,000 after purchasing an additional 10,281 shares during the period. Finally, Renaissance Technologies LLC raised its position in Rackspace Technology by 23.7% in the second quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company's stock valued at $3,991,000 after purchasing an additional 256,900 shares during the period. Institutional investors and hedge funds own 82.48% of the company's stock.
Analyst Ratings Changes
RXT has been the subject of several recent research reports. UBS Group raised their price target on Rackspace Technology from $2.10 to $2.30 and gave the stock a "neutral" rating in a research report on Friday, August 16th. Barclays boosted their target price on shares of Rackspace Technology from $1.00 to $2.00 and gave the company an "underweight" rating in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, Rackspace Technology currently has a consensus rating of "Hold" and an average target price of $2.47.
Check Out Our Latest Analysis on Rackspace Technology
About Rackspace Technology
(
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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