Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) insider Srini Koushik sold 8,028 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $2.54, for a total value of $20,391.12. Following the completion of the transaction, the insider now owns 1,018,251 shares in the company, valued at approximately $2,586,357.54. This represents a 0.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
Srini Koushik also recently made the following trade(s):
- On Friday, November 29th, Srini Koushik sold 19,470 shares of Rackspace Technology stock. The shares were sold at an average price of $2.67, for a total transaction of $51,984.90.
Rackspace Technology Trading Down 1.1 %
Shares of RXT opened at $2.58 on Friday. The stock has a 50 day moving average of $2.58 and a 200 day moving average of $2.45. The company has a market capitalization of $587.13 million, a price-to-earnings ratio of -0.74 and a beta of 1.99. Rackspace Technology, Inc. has a 12 month low of $1.36 and a 12 month high of $3.41.
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Rackspace Technology (NASDAQ:RXT - Get Free Report) last issued 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 during the quarter, compared to analysts' expectations of $675.14 million. Rackspace Technology's quarterly revenue was down 7.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.04) earnings per share. As a group, equities research analysts predict that Rackspace Technology, Inc. will post -0.27 earnings per share for the current year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of RXT. Renaissance Technologies LLC raised its holdings in shares of Rackspace Technology by 23.7% in the 2nd 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 during the period. Jacobs Levy Equity Management Inc. grew its holdings in Rackspace Technology by 139.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 814,624 shares of the company's stock valued at $1,996,000 after purchasing an additional 474,299 shares during the period. Jane Street Group LLC increased its position in Rackspace Technology by 27.4% in the third quarter. Jane Street Group LLC now owns 773,454 shares of the company's stock worth $1,895,000 after buying an additional 166,528 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Rackspace Technology by 7.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 590,724 shares of the company's stock valued at $1,447,000 after buying an additional 41,697 shares during the period. Finally, ClariVest Asset Management LLC lifted its position in shares of Rackspace Technology by 2.8% during the 2nd quarter. ClariVest Asset Management LLC now owns 379,721 shares of the company's stock valued at $1,132,000 after buying an additional 10,281 shares during the last quarter. 82.48% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on RXT. UBS Group upped their target price on shares of Rackspace Technology from $2.10 to $2.30 and gave the stock a "neutral" rating in a report on Friday, August 16th. Barclays lifted their target price on Rackspace Technology from $1.00 to $2.00 and gave the company 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 issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $2.47.
Check Out Our Latest Stock Report on RXT
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.
Further Reading
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