Rackspace Technology, Inc. (NASDAQ:RXT) Shares Sold by Wells Fargo & Company MN

Wells Fargo & Company MN cut its holdings in shares of Rackspace Technology, Inc. (NASDAQ:RXT) by 2.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 454,261 shares of the company’s stock after selling 9,596 shares during the quarter. Wells Fargo & Company MN owned about 0.20% of Rackspace Technology worth $1,004,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of RXT. Quantbot Technologies LP acquired a new stake in Rackspace Technology in the 4th quarter valued at approximately $57,000. Empower Advisory Group LLC acquired a new stake in shares of Rackspace Technology during the fourth quarter worth about $85,000. SG Americas Securities LLC boosted its holdings in shares of Rackspace Technology by 64.7% in the fourth quarter. SG Americas Securities LLC now owns 56,778 shares of the company’s stock valued at $125,000 after acquiring an additional 22,311 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Rackspace Technology during the 4th quarter worth $158,000. Finally, Barclays PLC boosted its position in Rackspace Technology by 86.1% during the third quarter. Barclays PLC now owns 109,997 shares of the company’s stock worth $270,000 after purchasing an additional 50,896 shares in the last quarter. Hedge funds and other institutional investors own 82.48% of the company’s stock.

Insider Activity at Rackspace Technology

In other Rackspace Technology news, CFO Mark A. Marino sold 94,571 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $2.34, for a total transaction of $221,296.14. Following the transaction, the chief financial officer now directly owns 1,995,033 shares of the company’s stock, valued at $4,668,377.22. This represents a 4.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Amar Maletira sold 521,840 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $1.87, for a total value of $975,840.80. Following the completion of the sale, the chief executive officer now directly owns 4,368,328 shares in the company, valued at approximately $8,168,773.36. This represents a 10.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,154,204 shares of company stock valued at $2,384,960 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Separately, Barclays decreased their target price on shares of Rackspace Technology from $2.00 to $1.00 and set an “underweight” rating on the stock in a research report on Friday, April 25th.

Rackspace Technology Trading Up 2.2 %

RXT opened at $1.39 on Wednesday. The company has a fifty day simple moving average of $1.79 and a 200 day simple moving average of $2.28. The firm has a market cap of $329.86 million, a price-to-earnings ratio of -0.36 and a beta of 2.12. Rackspace Technology, Inc. has a twelve month low of $1.24 and a twelve month high of $3.41.

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

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.