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

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

Rackspace Technology Stock Down 11.3%

Shares of NASDAQ RXT opened at $1.49 on Tuesday. The company has a market capitalization of $362.95 million, a PE ratio of -1.38 and a beta of 2.19. Rackspace Technology, Inc. has a twelve month low of $0.39 and a twelve month high of $2.89. The firm has a fifty day simple moving average of $0.86 and a 200 day simple moving average of $1.15.

Hedge Funds Weigh In On Rackspace Technology

A number of institutional investors have recently modified their holdings of the company. Quadrature Capital Ltd acquired a new stake in Rackspace Technology in the 2nd quarter valued at $26,000. Savant Capital LLC acquired a new position in shares of Rackspace Technology during the third quarter valued at about $33,000. Creative Planning increased its position in shares of Rackspace Technology by 114.2% during the second quarter. Creative Planning now owns 25,715 shares of the company’s stock worth $33,000 after acquiring an additional 13,708 shares in the last quarter. Jump Financial LLC bought a new stake in shares of Rackspace Technology during the fourth quarter worth about $34,000. Finally, R Squared Ltd raised its holdings in shares of 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 acquiring an additional 10,707 shares during the last quarter. 82.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on RXT shares. Royal Bank Of Canada cut their target price on Rackspace Technology from $2.00 to $1.75 and set a “sector perform” rating on the stock in a research report on Monday, November 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Rackspace Technology in a report on Thursday, January 22nd. Four equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Rackspace Technology currently has a consensus rating of “Reduce” and an average price target of $1.51.

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.