Rackspace Technology (NASDAQ:RXT) EVP Dharmendra Kumar Sinha Sells 188,123 Shares

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 188,123 shares of the company’s stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $1.81, for a total value of $340,502.63. Following the completion of the transaction, the executive vice president directly owned 2,276,057 shares in the company, valued at approximately $4,119,663.17. This trade represents a 7.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Dharmendra Kumar Sinha also recently made the following trade(s):

• On Monday, March 2nd, Dharmendra Kumar Sinha sold 45,393 shares of Rackspace Technology stock. The shares were sold at an average price of $1.81, for a total transaction of $82,161.33.

Rackspace Technology Price Performance

NASDAQ RXT opened at $1.85 on Thursday. The stock has a market capitalization of $456.78 million, a P/E ratio of -1.95 and a beta of 1.80. The firm’s 50-day moving average is $1.19 and its two-hundred day moving average is $1.25. Rackspace Technology, Inc. has a 12 month low of $0.39 and a 12 month high of $2.74.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.03. The company had revenue of $682.80 million during the quarter, compared to analysts’ expectations of $672.56 million. Rackspace Technology has set its FY 2026 guidance at -0.200–0.15 EPS.

Hedge Funds Weigh In On Rackspace Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. R Squared Ltd increased its position in shares of Rackspace Technology by 74.3% during the third quarter. R Squared Ltd now owns 25,127 shares of the company’s stock worth $35,000 after acquiring an additional 10,707 shares during the period. Engineers Gate Manager LP boosted its holdings in Rackspace Technology by 47.1% in the second quarter. Engineers Gate Manager LP now owns 34,777 shares of the company’s stock valued at $45,000 after purchasing an additional 11,141 shares during the period. Alliancebernstein L.P. grew its stake in Rackspace Technology by 4.0% during the 3rd quarter. Alliancebernstein L.P. now owns 290,750 shares of the company’s stock worth $410,000 after purchasing an additional 11,300 shares in the last quarter. Creative Planning grew its stake in Rackspace Technology by 114.2% during the 2nd quarter. Creative Planning now owns 25,715 shares of the company’s stock worth $33,000 after purchasing an additional 13,708 shares in the last quarter. Finally, Intech Investment Management LLC increased its holdings in Rackspace Technology by 45.4% during the 2nd quarter. Intech Investment Management LLC now owns 51,692 shares of the company’s stock worth $66,000 after purchasing an additional 16,152 shares during the period. Hedge funds and other institutional investors own 82.48% of the company’s stock.

Analyst Upgrades and Downgrades

RXT has been the subject of a number of research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rackspace Technology in a research note on Thursday, January 22nd. Royal Bank Of Canada raised their target price on Rackspace Technology from $1.75 to $2.50 and gave the company a “sector perform” rating in a report on Friday, February 27th. Four analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average 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.