Srini Koushik Sells 19,470 Shares of Rackspace Technology, Inc. (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CTO Srini Koushik sold 19,470 shares of Rackspace Technology stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $2.67, for a total transaction of $51,984.90. Following the sale, the chief technology officer now owns 1,026,279 shares of the company’s stock, valued at $2,740,164.93. The trade was a 1.86 % 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 6.4 %

Shares of NASDAQ:RXT traded down $0.17 during trading on Tuesday, hitting $2.48. 896,389 shares of the stock traded hands, compared to its average volume of 1,091,737. The company has a fifty day moving average price of $2.58 and a two-hundred day moving average price of $2.45. Rackspace Technology, Inc. has a 52-week low of $1.34 and a 52-week high of $3.41. The company has a market cap of $564.37 million, a price-to-earnings ratio of -0.71 and a beta of 1.99.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.04) 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. The firm’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same period in the previous year, the business posted ($0.04) earnings per share. On average, equities research analysts predict that Rackspace Technology, Inc. will post -0.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Rackspace Technology

Large investors have recently modified their holdings of the business. Creative Planning acquired a new position in shares of Rackspace Technology during the 3rd quarter worth approximately $29,000. US Bancorp DE grew its holdings 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 buying an additional 16,257 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Rackspace Technology in the 2nd quarter worth $40,000. Intech Investment Management LLC purchased a new position in shares of Rackspace Technology during the 3rd quarter worth $50,000. Finally, FMR LLC grew its holdings in shares of Rackspace Technology by 437.5% in the third quarter. FMR LLC now owns 31,154 shares of the company’s stock valued at $76,000 after purchasing an additional 25,358 shares during the period. Hedge funds and other institutional investors own 82.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on RXT shares. UBS Group raised their target price on shares of Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a research report on Friday, August 16th. Barclays increased their price objective on Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a report on Monday, November 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Rackspace Technology currently has a consensus rating of “Hold” and an average target price 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.