Mark Marino Sells 234,683 Shares of Rackspace Technology (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark Marino sold 234,683 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $1.63, for a total value of $382,533.29. Following the completion of the sale, the chief financial officer owned 2,193,115 shares of the company’s stock, valued at $3,574,777.45. This trade represents a 9.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Rackspace Technology Price Performance

Shares of RXT opened at $1.46 on Wednesday. The stock has a market capitalization of $355.64 million, a PE ratio of -1.35 and a beta of 2.18. The business’s fifty day moving average price is $0.87 and its 200 day moving average price is $1.16. Rackspace Technology, Inc. has a 12-month low of $0.39 and a 12-month high of $2.71.

Analyst Upgrades and Downgrades

RXT has been the topic of several research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rackspace Technology in a research note on Thursday, January 22nd. Royal Bank Of Canada lowered their target price on Rackspace Technology from $2.00 to $1.75 and set a “sector perform” rating for the company in a report on Monday, November 10th. Four research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $1.51.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. R Squared Ltd grew its position in Rackspace Technology by 74.3% in the 3rd quarter. R Squared Ltd now owns 25,127 shares of the company’s stock worth $35,000 after purchasing an additional 10,707 shares during the last quarter. Engineers Gate Manager LP boosted its position in shares of Rackspace Technology by 47.1% during the second quarter. Engineers Gate Manager LP now owns 34,777 shares of the company’s stock worth $45,000 after buying an additional 11,141 shares during the period. Alliancebernstein L.P. grew its holdings in Rackspace Technology by 4.0% in the 3rd quarter. Alliancebernstein L.P. now owns 290,750 shares of the company’s stock worth $410,000 after buying an additional 11,300 shares in the last quarter. Creative Planning grew its holdings in Rackspace Technology by 114.2% in the 2nd quarter. Creative Planning now owns 25,715 shares of the company’s stock worth $33,000 after buying an additional 13,708 shares in the last quarter. Finally, Intech Investment Management LLC increased its position in Rackspace Technology by 45.4% in the 2nd quarter. Intech Investment Management LLC now owns 51,692 shares of the company’s stock valued at $66,000 after acquiring an additional 16,152 shares during the period. 82.48% of the stock is owned by institutional investors and hedge funds.

About Rackspace Technology

Rackspace Technology (NASDAQ: RXT) is a leading provider of managed multi-cloud solutions and services, specializing in the deployment, management and optimization of public and private cloud environments. The company helps organizations design and operate applications across platforms such as Amazon Web Services (AWS), Microsoft Azure, Google Cloud and its own private cloud infrastructure. Rackspace’s core offerings include cloud migration, application modernization, data protection, security services and 24x7x365 operational support.

Beyond cloud hosting, Rackspace offers a range of professional services designed to accelerate digital transformation initiatives.