Rackspace Technology (NASDAQ:RXT) EVP Sells $82,161.33 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 45,393 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $1.81, for a total value of $82,161.33. Following the completion of the sale, the executive vice president directly owned 2,464,180 shares of the company’s stock, valued at approximately $4,460,165.80. This represents a 1.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Rackspace Technology Price Performance

Shares of RXT opened at $2.42 on Thursday. The business’s 50-day moving average is $1.00 and its 200-day moving average is $1.19. The company has a market capitalization of $589.49 million, a price-to-earnings ratio of -2.55 and a beta of 1.80. Rackspace Technology, Inc. has a fifty-two week low of $0.39 and a fifty-two week high of $2.74.

Hedge Funds Weigh In On Rackspace Technology

A number of institutional investors have recently modified their holdings of RXT. AQR Capital Management LLC boosted its holdings in shares of Rackspace Technology by 228.6% during the 1st quarter. AQR Capital Management LLC now owns 264,565 shares of the company’s stock worth $447,000 after buying an additional 184,058 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in Rackspace Technology during the 1st quarter worth $113,000. Geode Capital Management LLC boosted its holdings in Rackspace Technology by 17.9% during the second quarter. Geode Capital Management LLC now owns 2,064,549 shares of the company’s stock valued at $2,643,000 after acquiring an additional 313,636 shares during the period. Creative Planning boosted its holdings in Rackspace Technology by 114.2% during the second quarter. Creative Planning now owns 25,715 shares of the company’s stock valued at $33,000 after acquiring an additional 13,708 shares during the period. Finally, Intech Investment Management LLC grew its position in shares of Rackspace Technology by 45.4% in the second quarter. Intech Investment Management LLC now owns 51,692 shares of the company’s stock valued at $66,000 after purchasing an additional 16,152 shares during the last quarter. Institutional investors own 82.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on RXT shares. Royal Bank Of Canada increased their price objective on Rackspace Technology from $1.75 to $2.50 and gave the stock a “sector perform” rating in a report on Friday, February 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rackspace Technology in a report on Thursday, January 22nd. Four analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $1.70.

About Rackspace Technology

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.