Rackspace Technology, Inc. (NASDAQ:RXT) CEO Sells $90,901.35 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CEO Amar Maletira sold 38,355 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $2.37, for a total value of $90,901.35. Following the transaction, the chief executive officer now owns 4,890,168 shares of the company’s stock, valued at approximately $11,589,698.16. This represents a 0.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Rackspace Technology Stock Down 1.4 %

Shares of RXT stock opened at $2.19 on Friday. The stock has a market cap of $498.38 million, a price-to-earnings ratio of -0.56 and a beta of 2.05. The business’s fifty day moving average is $2.54 and its 200 day moving average is $2.50. Rackspace Technology, Inc. has a twelve month low of $1.45 and a twelve month high of $3.41.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.02. The firm had revenue of $685.60 million during the quarter, compared to analysts’ expectations of $674.85 million.

Institutional Investors Weigh In On Rackspace Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RXT. Charles Schwab Investment Management Inc. grew its stake in shares of Rackspace Technology by 0.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 595,860 shares of the company’s stock worth $1,317,000 after acquiring an additional 5,136 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Rackspace Technology by 24.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,807 shares of the company’s stock worth $60,000 after acquiring an additional 5,214 shares during the last quarter. ProShare Advisors LLC grew its stake in shares of Rackspace Technology by 50.6% in the fourth quarter. ProShare Advisors LLC now owns 19,030 shares of the company’s stock worth $42,000 after acquiring an additional 6,398 shares during the last quarter. MetLife Investment Management LLC grew its stake in shares of Rackspace Technology by 89.4% in the fourth quarter. MetLife Investment Management LLC now owns 17,539 shares of the company’s stock worth $39,000 after acquiring an additional 8,281 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Rackspace Technology by 1.6% in the fourth quarter. Invesco Ltd. now owns 610,261 shares of the company’s stock worth $1,349,000 after acquiring an additional 9,825 shares during the last quarter. 82.48% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Barclays upped their target price on Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a report 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 stock. Based on data from MarketBeat, Rackspace Technology has a consensus rating of “Hold” and a consensus price target of $2.47.

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.