Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark A. Marino Sells 202,230 Shares

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark A. Marino sold 202,230 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $2.61, for a total value of $527,820.30. Following the completion of the transaction, the chief financial officer now directly owns 1,713,126 shares in the company, valued at $4,471,258.86. The trade was a 10.56 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Rackspace Technology Stock Up 1.6 %

RXT opened at $2.62 on Thursday. The stock has a market cap of $596.23 million, a P/E ratio of -0.68 and a beta of 2.04. Rackspace Technology, Inc. has a 12 month low of $1.45 and a 12 month high of $3.41. The company has a fifty day simple moving average of $2.53 and a 200 day simple moving average of $2.50.

Rackspace Technology (NASDAQ:RXT) last posted its earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. The business had revenue of $685.60 million during the quarter, compared to analyst estimates of $674.85 million.

Analysts Set New Price Targets

Separately, Barclays upped 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 equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Rackspace Technology currently has an average rating of “Hold” and an average target price of $2.47.

Institutional Trading of Rackspace Technology

A number of large investors have recently bought and sold shares of the business. Creative Planning bought a new position in Rackspace Technology in the third quarter valued at approximately $29,000. Balyasny Asset Management L.P. acquired a new stake in shares of Rackspace Technology during the fourth quarter worth $36,000. MetLife Investment Management LLC raised its holdings in shares of Rackspace Technology by 89.4% during 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 period. US Bancorp DE lifted its position in Rackspace Technology by 10,766.2% in the 3rd quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after acquiring an additional 16,257 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in Rackspace Technology by 50.6% in the 4th quarter. ProShare Advisors LLC now owns 19,030 shares of the company’s stock worth $42,000 after purchasing an additional 6,398 shares during the period. 82.48% of the stock is owned by institutional investors.

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.