Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark A. Marino Sells 14,458 Shares

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark A. Marino sold 14,458 shares of the stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $2.34, for a total transaction of $33,831.72. Following the completion of the transaction, the chief financial officer now directly owns 1,915,356 shares of the company’s stock, valued at $4,481,933.04. This trade represents a 0.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Rackspace Technology Price Performance

Shares of NASDAQ:RXT opened at $2.63 on Friday. Rackspace Technology, Inc. has a 1 year low of $1.45 and a 1 year high of $3.41. The business’s 50-day moving average is $2.42 and its 200-day moving average is $2.43.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.03. The business had revenue of $675.80 million during the quarter, compared to analyst estimates of $675.14 million. Rackspace Technology’s quarterly revenue was down 7.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.04) earnings per share. Equities analysts anticipate that Rackspace Technology, Inc. will post -0.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Rackspace Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Empower Advisory Group LLC bought a new stake in shares of Rackspace Technology during the fourth quarter valued at approximately $85,000. SG Americas Securities LLC raised its holdings in Rackspace Technology by 64.7% during the fourth quarter. SG Americas Securities LLC now owns 56,778 shares of the company’s stock worth $125,000 after buying an additional 22,311 shares during the last quarter. Franklin Resources Inc. bought a new position in shares of Rackspace Technology in the third quarter valued at $443,000. Barclays PLC grew its holdings in shares of Rackspace Technology by 86.1% during the third quarter. Barclays PLC now owns 109,997 shares of the company’s stock valued at $270,000 after buying an additional 50,896 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in shares of Rackspace Technology by 32.0% during the third quarter. Public Employees Retirement System of Ohio now owns 127,851 shares of the company’s stock worth $313,000 after acquiring an additional 30,983 shares in the last quarter. 82.48% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Barclays lifted their price target on Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a research note on Monday, November 18th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $2.47.

About Rackspace Technology

Rackspace Technology, Inc operates as a multi cloud technology services company in the Americas, Europe, the Middle East, Africa, and The Asia-Pacific region. It operates through three segments: Multicloud Services, Apps & Cross Platform, and OpenStack Public Cloud. The company provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; professional services related to designing and building multi cloud solutions and cloud-native applications; and managed hosting and colocation services.