Mark Marino Sells 234,683 Shares of Rackspace Technology (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark Marino sold 234,683 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $1.63, for a total value of $382,533.29. Following the transaction, the chief financial officer owned 2,193,115 shares of the company’s stock, valued at $3,574,777.45. This trade represents a 9.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Rackspace Technology Trading Down 11.3%

Shares of RXT stock traded down $0.19 on Monday, reaching $1.49. 94,899,889 shares of the company’s stock were exchanged, compared to its average volume of 27,770,859. The company’s fifty day simple moving average is $0.85 and its 200 day simple moving average is $1.15. Rackspace Technology, Inc. has a 52 week low of $0.39 and a 52 week high of $2.89. The stock has a market capitalization of $362.95 million, a PE ratio of -1.38 and a beta of 2.19.

Hedge Funds Weigh In On Rackspace Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its position in Rackspace Technology by 70.7% during the 4th quarter. Janus Henderson Group PLC now owns 1,050,353 shares of the company’s stock worth $1,020,000 after acquiring an additional 435,113 shares during the period. Bridgeway Capital Management LLC grew its holdings in Rackspace Technology by 34.6% during the fourth quarter. Bridgeway Capital Management LLC now owns 350,000 shares of the company’s stock worth $340,000 after acquiring an additional 90,000 shares during the period. Jump Financial LLC acquired a new position in shares of Rackspace Technology in the 4th quarter valued at $34,000. Wells Fargo & Company MN raised its position in shares of Rackspace Technology by 13.4% in the fourth quarter. Wells Fargo & Company MN now owns 244,939 shares of the company’s stock worth $238,000 after acquiring an additional 28,885 shares during the period. Finally, Federated Hermes Inc. boosted its stake in shares of Rackspace Technology by 4.4% during the 4th quarter. Federated Hermes Inc. now owns 719,747 shares of the company’s stock worth $699,000 after acquiring an additional 30,024 shares in the last quarter. Hedge funds and other institutional investors own 82.48% of the company’s stock.

Analyst Ratings Changes

RXT has been the topic of several recent analyst 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 dropped their target price on shares of Rackspace Technology from $2.00 to $1.75 and set a “sector perform” rating on the stock in a research note on Monday, November 10th. Four equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $1.51.

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.