Rackspace Technology (NASDAQ:RXT) CFO Sells $267,430.44 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark Marino sold 48,099 shares of the firm’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $5.56, for a total value of $267,430.44. Following the transaction, the chief financial officer owned 3,370,431 shares in the company, valued at approximately $18,739,596.36. This trade represents a 1.41% decrease in their ownership of the stock. The transaction 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.

Rackspace Technology Price Performance

NASDAQ RXT opened at $4.70 on Friday. Rackspace Technology, Inc. has a fifty-two week low of $0.39 and a fifty-two week high of $7.65. The stock’s 50-day moving average is $2.97 and its two-hundred day moving average is $1.78. The firm has a market cap of $1.17 billion, a P/E ratio of -7.70 and a beta of 3.03.

Rackspace Technology (NASDAQ:RXT) last posted its earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The business had revenue of $678.10 million during the quarter, compared to the consensus estimate of $660.83 million. Rackspace Technology has set its FY 2026 guidance at -0.200–0.150 EPS. On average, equities analysts expect that Rackspace Technology, Inc. will post -0.18 EPS for the current year.

Institutional Investors Weigh In On Rackspace Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Essential Partners LLC grew its position in shares of Rackspace Technology by 25,906.1% in the first quarter. Essential Partners LLC now owns 72,037 shares of the company’s stock valued at $71,000 after purchasing an additional 71,760 shares during the last quarter. Arete Wealth Advisors LLC acquired a new stake in Rackspace Technology during the first quarter worth about $219,000. Janus Henderson Group PLC grew its position in Rackspace Technology by 179.7% during the first quarter. Janus Henderson Group PLC now owns 2,937,670 shares of the company’s stock worth $2,878,000 after buying an additional 1,887,317 shares in the last quarter. Renaissance Technologies LLC grew its position 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 in the last quarter. Finally, State of Wyoming acquired a new stake in Rackspace Technology during the first quarter worth about $35,000. 82.48% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on RXT shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rackspace Technology in a research report on Tuesday. Royal Bank Of Canada raised their price target on Rackspace Technology from $1.75 to $2.50 and gave the company a “sector perform” rating in a research report on Friday, February 27th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Rackspace Technology currently has an average rating of “Reduce” and an average price target of $1.95.

Rackspace Technology Company Profile

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.