Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark A. Marino Sells 202,230 Shares
Rackspace Technology, Inc. CFO Mark A. Marino sold 202,230 shares of the company's stock at an average price of $2.61, totaling $527,820.30. Following the sale, he owns 1,713,126 shares, a 10.56% decrease in ownership. The transaction was disclosed to the SEC. Rackspace's stock recently traded at $2.62, with a market cap of $596.23 million. The company reported earnings of ($0.02) per share, beating estimates, and had revenue of $685.60 million. Institutional investors hold 82.48% of the stock, with Barclays raising its price target to $2.00.
Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) CFO Mark A. Marino sold 202,230 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $2.61, for a total transaction of $527,820.30. Following the sale, the chief financial officer now owns 1,713,126 shares of the company's stock, valued at approximately $4,471,258.86. This trade represents a 10.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
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Rackspace Technology Trading Up 1.6 %
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Shares of NASDAQ:RXT traded up $0.04 during midday trading on Wednesday, reaching $2.62. The company had a trading volume of 1,099,765 shares, compared to its average volume of 865,721. The stock has a market cap of $596.23 million, a P/E ratio of -0.68 and a beta of 2.04. The company's 50 day moving average price is $2.52 and its 200 day moving average price is $2.50. Rackspace Technology, Inc. has a 52-week low of $1.45 and a 52-week high of $3.41.
Rackspace Technology (NASDAQ:RXT - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.02. The business had revenue of $685.60 million during the quarter, compared to analysts' expectations of $674.85 million.
Institutional Trading of Rackspace Technology
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A number of institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC grew its stake in Rackspace Technology by 64.7% during the third quarter. SG Americas Securities LLC now owns 34,467 shares of the company's stock valued at $84,000 after acquiring an additional 13,543 shares in the last quarter. Creative Planning purchased a new stake in Rackspace Technology during the 3rd quarter valued at $29,000. US Bancorp DE boosted its position in Rackspace Technology by 10,766.2% during 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 during the period. GSA Capital Partners LLP purchased a new position in Rackspace Technology during the 3rd quarter valued at about $412,000. Finally, Sargent Investment Group LLC increased its holdings in Rackspace Technology by 25.6% during the 3rd quarter. Sargent Investment Group LLC now owns 270,100 shares of the company's stock valued at $662,000 after purchasing an additional 55,000 shares during the period. Hedge funds and other institutional investors own 82.48% of the company's stock.
Analyst Ratings Changes
Separately, Barclays boosted their price objective on Rackspace Technology from $1.00 to $2.00 and gave the company an "underweight" rating in a research note on Monday, November 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $2.47.
- Rackspace Is A Value In Cloud-Computing
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About Rackspace Technology
(Get Free Report)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.
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