Rackspace Technology (NASDAQ:RXT) CEO Gajakarnan Vibushanan Kandiah Sells 8,258 Shares

Rackspace Technology, Inc. (NASDAQ:RXT) CEO Gajakarnan Vibushanan Kandiah sold 8,258 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $2.95, for a total transaction of $24,361.10. Following the transaction, the chief executive officer owned 4,183,683 shares of the company’s stock, valued at $12,341,864.85. This represents a 0.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 Stock Up 0.3%

Shares of NASDAQ:RXT opened at $3.01 on Thursday. The company has a market cap of $767.16 million, a PE ratio of -4.63 and a beta of 3.05. The company’s 50-day moving average price is $4.50 and its 200 day moving average price is $3.54. Rackspace Technology, Inc. has a fifty-two week low of $0.39 and a fifty-two week high of $8.60.

Rackspace Technology (NASDAQ:RXT) last posted its earnings results on Monday, August 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. The firm had revenue of $670.10 million for the quarter, compared to analyst estimates of $646.00 million. As a group, equities analysts anticipate that Rackspace Technology, Inc. will post -0.28 EPS for the current year.

Institutional Trading of Rackspace Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in RXT. BlackRock Inc. bought a new stake in shares of Rackspace Technology during the 2nd quarter worth about $51,411,000. Janus Henderson Group PLC boosted 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 acquiring an additional 1,887,317 shares in the last quarter. Jupiter Topco LLC acquired a new position in shares of Rackspace Technology during the second quarter valued at approximately $10,462,000. Ieq Capital LLC acquired a new position in shares of Rackspace Technology during the second quarter valued at approximately $4,161,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Rackspace Technology during the second quarter worth approximately $3,887,000. 82.48% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RXT. Weiss Ratings reissued a “sell (d-)” rating on shares of Rackspace Technology in a report on Friday, August 28th. Wall Street Zen lowered Rackspace Technology from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Finally, Royal Bank Of Canada increased their price target on Rackspace Technology from $2.50 to $4.00 and gave the stock a “sector perform” rating in a research note on Wednesday, June 17th. 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.com, the stock presently has an average rating of “Reduce” and an average price target of $4.00.

More Rackspace Technology News

Here are the key news stories impacting Rackspace Technology this week:

• Neutral Sentiment: Investors who purchased Rackspace securities between May 7 and July 8, 2026, and suffered losses, may seek appointment as lead plaintiff by September 28. These notices are procedural and do not establish that Rackspace committed wrongdoing. Kaplan Fox deadline announcement
• Negative Sentiment: The lawsuit alleges that Rackspace and certain executives made misleading statements or failed to disclose material information about the company’s artificial-intelligence efforts and their expected impact on financial performance. Bleichmar Fonti & Auld lawsuit announcement
• Negative Sentiment: One litigation notice claims Rackspace’s June restructuring filing disclosed severance costs and anticipated savings but allegedly omitted a roughly $150 million revenue shortfall that surfaced about three weeks later. The allegations followed a reported 33.6% stock decline, increasing legal, reputational and potential financial risks for RXT. SueWallSt Rackspace deadline alert

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.