Amar Maletira Sells 84,823 Shares of Rackspace Technology, Inc. (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CEO Amar Maletira sold 84,823 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $2.42, for a total transaction of $205,271.66. Following the completion of the sale, the chief executive officer now owns 5,158,399 shares of the company’s stock, valued at $12,483,325.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Amar Maletira also recently made the following trade(s):

• On Wednesday, October 2nd, Amar Maletira sold 82,552 shares of Rackspace Technology stock. The stock was sold at an average price of $2.37, for a total transaction of $195,648.24.
• On Wednesday, August 21st, Amar Maletira sold 52,206 shares of Rackspace Technology stock. The shares were sold at an average price of $2.35, for a total value of $122,684.10.

Rackspace Technology Stock Down 0.8 %

NASDAQ:RXT opened at $2.36 on Friday. Rackspace Technology, Inc. has a 52 week low of $1.15 and a 52 week high of $3.18. The stock’s fifty day moving average is $2.32 and its two-hundred day moving average is $2.18. The stock has a market capitalization of $528.29 million, a price-to-earnings ratio of -0.60 and a beta of 1.98.

Rackspace Technology (NASDAQ:RXT) last announced its earnings results on Thursday, August 8th. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.03. The firm had revenue of $684.90 million for the quarter, compared to analysts’ expectations of $669.10 million. On average, sell-side analysts expect that Rackspace Technology, Inc. will post -0.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Susquehanna Fundamental Investments LLC purchased a new stake in Rackspace Technology during the 1st quarter worth about $35,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Rackspace Technology during the second quarter worth approximately $40,000. Mitsubishi UFJ Trust & Banking Corp raised its holdings in Rackspace Technology by 98.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock valued at $51,000 after acquiring an additional 16,484 shares in the last quarter. SG Americas Securities LLC grew its holdings in Rackspace Technology by 64.7% during the 3rd quarter. SG Americas Securities LLC now owns 34,467 shares of the company’s stock worth $84,000 after acquiring an additional 13,543 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Rackspace Technology by 44.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock valued at $89,000 after purchasing an additional 9,275 shares during the last quarter. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, UBS Group boosted their price objective on Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a research note on Friday, August 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $2.15.

Rackspace Technology Company Profile

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.