Amar Maletira Sells 82,552 Shares of Rackspace Technology, Inc. (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXTGet Free Report) CEO Amar Maletira sold 82,552 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $2.37, for a total transaction of $195,648.24. Following the transaction, the chief executive officer now owns 4,983,984 shares in the company, valued at approximately $11,812,042.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

  • On Monday, September 30th, Amar Maletira sold 84,823 shares of Rackspace Technology stock. The shares were sold at an average price of $2.42, for a total transaction of $205,271.66.
  • On Wednesday, August 21st, Amar Maletira sold 52,206 shares of Rackspace Technology stock. The stock was sold at an average price of $2.35, for a total value of $122,684.10.

Rackspace Technology Price Performance

Shares of Rackspace Technology stock opened at $2.36 on Friday. The stock has a market capitalization of $528.29 million, a PE ratio of -0.60 and a beta of 1.98. Rackspace Technology, Inc. has a 1-year low of $1.15 and a 1-year high of $3.18. The company’s fifty day simple moving average is $2.32 and its 200-day simple moving average is $2.18.

Rackspace Technology (NASDAQ:RXTGet Free Report) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.03. The company had revenue of $684.90 million for the quarter, compared to the consensus estimate of $669.10 million. As a group, research analysts anticipate that Rackspace Technology, Inc. will post -0.32 EPS for the current year.

Institutional Investors Weigh In On Rackspace Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its stake in shares of Rackspace Technology by 35.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,535,746 shares of the company’s stock worth $5,071,000 after purchasing an additional 667,329 shares in the last quarter. CastleKnight Management LP purchased a new stake in Rackspace Technology in the 4th quarter worth $1,201,000. GSA Capital Partners LLP bought a new stake in Rackspace Technology during the first quarter valued at about $531,000. Renaissance Technologies LLC lifted its position in shares of Rackspace Technology by 23.7% in the second quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock valued at $3,991,000 after acquiring an additional 256,900 shares in the last quarter. Finally, Sargent Investment Group LLC boosted its stake in shares of Rackspace Technology by 86.9% in the second quarter. Sargent Investment Group LLC now owns 215,100 shares of the company’s stock worth $641,000 after acquiring an additional 100,000 shares during the period. Institutional investors own 82.48% of the company’s stock.

Analyst Upgrades and Downgrades

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

Get Our Latest Report on RXT

About Rackspace Technology

(Get Free Report)

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.

Read More

Insider Buying and Selling by Quarter for Rackspace Technology (NASDAQ:RXT)

Receive News & Ratings for Rackspace Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rackspace Technology and related companies with MarketBeat.com's FREE daily email newsletter.