Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) CEO Gajakarnan Vibushanan Kandiah sold 498,728 shares of the stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $3.21, for a total value of $1,600,916.88. Following the transaction, the chief executive officer owned 3,684,955 shares in the company, valued at $11,828,705.55. This trade represents a 11.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Gajakarnan Vibushanan Kandiah also recently made the following trade(s):
- On Wednesday, September 2nd, Gajakarnan Vibushanan Kandiah sold 8,258 shares of Rackspace Technology stock. The shares were sold at an average price of $2.95, for a total transaction of $24,361.10.
Rackspace Technology Stock Performance
Shares of NASDAQ RXT opened at $3.23 on Wednesday. The firm has a fifty day moving average of $4.25 and a 200 day moving average of $3.61. The firm has a market cap of $823.24 million, a PE ratio of -4.97 and a beta of 3.05. Rackspace Technology, Inc. has a one year low of $0.39 and a one year high of $8.60.
Rackspace Technology (NASDAQ:RXT - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.01. The company had revenue of $670.10 million for the quarter, compared to analysts' expectations of $646.00 million. On average, equities analysts predict that Rackspace Technology, Inc. will post -0.28 EPS for the current fiscal year.
Hedge Funds Weigh In On Rackspace Technology
Several hedge funds and other institutional investors have recently modified their holdings of RXT. Janus Henderson Group PLC increased its holdings in shares of Rackspace Technology by 179.7% in the first quarter. Janus Henderson Group PLC now owns 2,937,670 shares of the company's stock valued at $2,878,000 after purchasing an additional 1,887,317 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Rackspace Technology by 14.0% during the first quarter. Renaissance Technologies LLC now owns 2,041,600 shares of the company's stock worth $2,000,000 after buying an additional 250,700 shares during the last quarter. GSA Capital Partners LLP acquired a new position in Rackspace Technology during the second quarter worth $2,822,000. BlackRock Inc. purchased a new stake in Rackspace Technology in the 2nd quarter valued at $51,411,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Rackspace Technology in the 2nd quarter valued at $3,887,000. 82.48% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on RXT shares. Royal Bank Of Canada lifted their price objective on Rackspace Technology from $2.50 to $4.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 17th. Weiss Ratings reissued a "sell (d-)" rating on shares of Rackspace Technology in a report on Friday, August 28th. Finally, Wall Street Zen downgraded Rackspace Technology from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Reduce" and a consensus target price of $4.00.
Check Out Our Latest Research Report on RXT
More Rackspace Technology News
Here are the key news stories impacting Rackspace Technology this week:
- Neutral Sentiment: CEO Gajakarnan Vibushanan Kandiah sold 498,728 shares for approximately $1.6 million under a pre-arranged Rule 10b5-1 plan. The filing said the sale was intended to cover tax-withholding obligations related to vested equity awards, reducing the likelihood that it represents a discretionary negative view of the company. SEC Form 4 filing
- Negative Sentiment: Multiple law firms publicized a securities class action against Rackspace and urged investors to seek lead-plaintiff status by September 28, 2026. The proposed class covers investors who purchased Rackspace securities from May 7 through July 8, 2026. These announcements repeat the same litigation claims and could weigh on sentiment by increasing attention on potential legal liabilities. Kaplan Fox class action alert
- Negative Sentiment: The lawsuits allege Rackspace misled investors about its artificial-intelligence efforts and their effect on financial performance. Law firms said the allegations followed a reported 33.6% stock decline; however, the claims remain allegations and have not been proven in court. RXT lawsuit alert regarding AI efforts
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.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
