Key Points
- CFO Mark Marino sold 234,683 shares on Feb. 23 at an average price of $1.63 for roughly $382,533, trimming his holding by 9.67% to 2,193,115 shares (about $3.57M).
- Rackspace stock was down roughly 11.3% and opened at $1.49, with a market cap near $363M; analysts have a consensus rating of Reduce and an average target price of $1.51.
- Institutional investors own about 82.48% of the company, with several funds recently initiating or increasing positions (e.g., AustralianSuper, Intech, Quadrature, XTX, Steward Partners).
Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) CFO Mark Marino sold 234,683 shares of the firm's stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $1.63, for a total value of $382,533.29. Following the completion of the transaction, the chief financial officer owned 2,193,115 shares in the company, valued at $3,574,777.45. This represents a 9.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Rackspace Technology Stock Down 11.3%
Shares of NASDAQ:RXT opened at $1.49 on Tuesday. The business's 50 day moving average is $0.86 and its 200 day moving average is $1.15. Rackspace Technology, Inc. has a 12-month low of $0.39 and a 12-month high of $2.89. The stock has a market cap of $362.95 million, a price-to-earnings ratio of -1.38 and a beta of 2.19.
Wall Street Analyst Weigh In
RXT has been the subject of several analyst reports. Royal Bank Of Canada lowered their target price on shares of Rackspace Technology from $2.00 to $1.75 and set a "sector perform" rating for the company in a report on Monday, November 10th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Rackspace Technology in a research note on Thursday, January 22nd. Four analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Rackspace Technology currently has a consensus rating of "Reduce" and an average target price of $1.51.
Read Our Latest Analysis on Rackspace Technology
Institutional Trading of Rackspace Technology
Hedge funds have recently added to or reduced their stakes in the stock. AustralianSuper Pty Ltd purchased a new position in Rackspace Technology in the third quarter valued at approximately $2,276,000. Intech Investment Management LLC increased its position in Rackspace Technology by 45.4% in the second quarter. Intech Investment Management LLC now owns 51,692 shares of the company's stock worth $66,000 after buying an additional 16,152 shares during the last quarter. Quadrature Capital Ltd bought a new stake in shares of Rackspace Technology in the second quarter valued at $26,000. XTX Topco Ltd lifted its position in shares of Rackspace Technology by 62.8% during the 2nd quarter. XTX Topco Ltd now owns 57,682 shares of the company's stock valued at $74,000 after buying an additional 22,243 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its position in shares of Rackspace Technology by 3,385.4% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 64,828 shares of the company's stock valued at $63,000 after buying an additional 62,968 shares during the last quarter. Institutional investors own 82.48% of the company's stock.
About Rackspace Technology
(
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Rackspace Technology (NASDAQ: RXT) is a leading provider of managed multi-cloud solutions and services, specializing in the deployment, management and optimization of public and private cloud environments. The company helps organizations design and operate applications across platforms such as Amazon Web Services (AWS), Microsoft Azure, Google Cloud and its own private cloud infrastructure. Rackspace's core offerings include cloud migration, application modernization, data protection, security services and 24x7x365 operational support.
Beyond cloud hosting, Rackspace offers a range of professional services designed to accelerate digital transformation initiatives.
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