Key Points
- EVP Dharmendra Kumar Sinha sold 45,393 shares of Rackspace (NASDAQ:RXT) on March 2 at an average price of $1.81 for total proceeds of $82,161.33, reducing his stake by 1.81% to 2,464,180 shares.
- Analysts are mostly negative — the stock carries an average rating of "Reduce" with a $1.70 average price target; RBC raised its target to $2.50 while Weiss Ratings reiterates a "sell (d-)" view.
- RXT opened at $2.22, trades in a 52‑week range of $0.39–$2.49 with a market cap of about $540.8M, and institutional investors own roughly 82.48% of the company.
Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) CFO Mark Marino sold 20,183 shares of Rackspace Technology stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $1.81, for a total value of $36,531.23. Following the sale, the chief financial officer owned 2,172,932 shares of the company's stock, valued at approximately $3,933,006.92. This trade represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Rackspace Technology Trading Up 13.8%
Shares of RXT opened at $2.22 on Tuesday. The firm has a fifty day moving average price of $0.94 and a 200-day moving average price of $1.18. The firm has a market capitalization of $540.77 million, a P/E ratio of -2.34 and a beta of 1.78. Rackspace Technology, Inc. has a 12-month low of $0.39 and a 12-month high of $2.49.
Wall Street Analysts Forecast Growth
A number of equities analysts have commented on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Rackspace Technology in a research note on Thursday, January 22nd. Royal Bank Of Canada boosted their price target on Rackspace Technology from $1.75 to $2.50 and gave the company a "sector perform" rating in a report on Friday. Four investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Reduce" and an average target price of $1.70.
Get Our Latest Stock Report on Rackspace Technology
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in RXT. AQR Capital Management LLC lifted its position in shares of Rackspace Technology by 228.6% in the 1st quarter. AQR Capital Management LLC now owns 264,565 shares of the company's stock worth $447,000 after purchasing an additional 184,058 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Rackspace Technology during the first quarter valued at approximately $113,000. Geode Capital Management LLC raised its stake in Rackspace Technology by 17.9% in the second quarter. Geode Capital Management LLC now owns 2,064,549 shares of the company's stock worth $2,643,000 after buying an additional 313,636 shares in the last quarter. Creative Planning lifted its holdings in Rackspace Technology by 114.2% during the second quarter. Creative Planning now owns 25,715 shares of the company's stock worth $33,000 after buying an additional 13,708 shares during the period. Finally, Intech Investment Management LLC lifted its holdings in Rackspace Technology by 45.4% during 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 period. Hedge funds and other institutional investors own 82.48% of the company's stock.
About Rackspace Technology
(
Get Free Report)
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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