Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) CFO Mark A. Marino sold 14,458 shares of the company's stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $2.34, for a total value of $33,831.72. Following the completion of the sale, the chief financial officer now owns 1,915,356 shares in the company, valued at $4,481,933.04. This trade represents a 0.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Rackspace Technology Stock Up 0.4 %
NASDAQ:RXT opened at $2.37 on Thursday. Rackspace Technology, Inc. has a twelve month low of $1.45 and a twelve month high of $3.41. The firm's fifty day simple moving average is $2.42 and its 200 day simple moving average is $2.43. The stock has a market cap of $539.34 million, a P/E ratio of -0.68 and a beta of 2.02.
Rackspace Technology (NASDAQ:RXT - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, beating 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 quarter in the prior year, the firm posted ($0.04) earnings per share. Rackspace Technology's quarterly revenue was down 7.7% on a year-over-year basis. On average, analysts expect that Rackspace Technology, Inc. will post -0.27 EPS for the current fiscal year.
Analyst Ratings Changes
Separately, Barclays upped their price objective on shares of Rackspace Technology from $1.00 to $2.00 and gave the company an "underweight" rating in a report on Monday, November 18th. One 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, the stock currently has a consensus rating of "Hold" and an average target price of $2.47.
Read Our Latest Analysis on Rackspace Technology
Institutional Investors Weigh In On Rackspace Technology
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Jacobs Levy Equity Management Inc. boosted its stake in shares of 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 in the last quarter. US Bancorp DE raised its holdings in Rackspace Technology by 10,766.2% in the third quarter. US Bancorp DE now owns 16,408 shares of the company's stock worth $40,000 after purchasing an additional 16,257 shares in the last quarter. Jane Street Group LLC lifted its position in shares of Rackspace Technology by 27.4% during the third quarter. Jane Street Group LLC now owns 773,454 shares of the company's stock valued at $1,895,000 after buying an additional 166,528 shares during the last quarter. FMR LLC boosted its holdings in shares of Rackspace Technology by 437.5% in the 3rd quarter. FMR LLC now owns 31,154 shares of the company's stock valued at $76,000 after buying an additional 25,358 shares in the last quarter. Finally, Barclays PLC raised its stake in shares of Rackspace Technology by 86.1% during the 3rd quarter. Barclays PLC now owns 109,997 shares of the company's stock worth $270,000 after acquiring an additional 50,896 shares in the last quarter. Hedge funds and other 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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