Anthony Scott Sells 40,000 Shares of Rackspace Technology (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) Director Anthony Scott sold 40,000 shares of Rackspace Technology stock in a transaction on Monday, September 8th. The shares were sold at an average price of $1.43, for a total transaction of $57,200.00. Following the completion of the transaction, the director directly owned 191,045 shares in the company, valued at $273,194.35. The trade was a 17.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Rackspace Technology Price Performance

Shares of Rackspace Technology stock opened at $1.41 on Wednesday. The firm’s fifty day simple moving average is $1.31 and its 200-day simple moving average is $1.45. The stock has a market capitalization of $337.50 million, a price-to-earnings ratio of -0.87 and a beta of 2.06. Rackspace Technology, Inc. has a 12 month low of $1.00 and a 12 month high of $3.41.

Rackspace Technology (NASDAQ:RXT) last announced its earnings results on Thursday, August 7th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The firm had revenue of $666.30 million for the quarter, compared to analyst estimates of $658.86 million. Rackspace Technology’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.08) earnings per share. Rackspace Technology has set its Q3 2025 guidance at -0.060–0.040 EPS.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on RXT. BMO Capital Markets cut their target price on shares of Rackspace Technology from $1.75 to $1.40 and set a “market perform” rating on the stock in a report on Tuesday, August 12th. Raymond James Financial reiterated a “market perform” rating on shares of Rackspace Technology in a research report on Monday, June 2nd. Finally, Wall Street Zen lowered shares of Rackspace Technology from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Four equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Rackspace Technology presently has a consensus rating of “Reduce” and a consensus price target of $1.58.

Hedge Funds Weigh In On Rackspace Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Engineers Gate Manager LP grew its position in Rackspace Technology by 47.1% in the 2nd quarter. Engineers Gate Manager LP now owns 34,777 shares of the company’s stock valued at $45,000 after buying an additional 11,141 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of Rackspace Technology by 25.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 119,493 shares of the company’s stock worth $153,000 after purchasing an additional 24,173 shares in the last quarter. Brevan Howard Capital Management LP boosted its position in shares of Rackspace Technology by 62.9% during the 2nd quarter. Brevan Howard Capital Management LP now owns 85,472 shares of the company’s stock worth $109,000 after purchasing an additional 32,996 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of Rackspace Technology by 9.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 387,182 shares of the company’s stock worth $496,000 after purchasing an additional 33,356 shares in the last quarter. Finally, Raymond James Financial Inc. boosted its position in shares of Rackspace Technology by 15.1% during the 2nd quarter. Raymond James Financial Inc. now owns 443,090 shares of the company’s stock worth $567,000 after purchasing an additional 58,180 shares in the last quarter. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

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.