Mark A. Marino Sells 202,230 Shares of Rackspace Technology, Inc. (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark A. Marino sold 202,230 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $2.61, for a total transaction of $527,820.30. Following the completion of the transaction, the chief financial officer now owns 1,713,126 shares in the company, valued at $4,471,258.86. The trade was a 10.56 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Rackspace Technology Stock Down 8.0 %

Shares of NASDAQ:RXT opened at $2.41 on Friday. Rackspace Technology, Inc. has a 52-week low of $1.45 and a 52-week high of $3.41. The company has a 50 day moving average of $2.53 and a two-hundred day moving average of $2.50. The company has a market capitalization of $548.44 million, a price-to-earnings ratio of -0.62 and a beta of 2.04.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share 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 analyst estimates of $674.85 million.

Institutional Trading of Rackspace Technology

A number of hedge funds have recently made changes to their positions in RXT. SG Americas Securities LLC grew its position in shares of Rackspace Technology by 64.7% during the third quarter. SG Americas Securities LLC now owns 34,467 shares of the company’s stock worth $84,000 after buying an additional 13,543 shares in the last quarter. Creative Planning acquired a new stake in shares of Rackspace Technology during the third quarter worth approximately $29,000. US Bancorp DE grew its position in shares of Rackspace Technology by 10,766.2% during the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock worth $40,000 after buying an additional 16,257 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in shares of Rackspace Technology during the third quarter worth approximately $412,000. Finally, Sargent Investment Group LLC grew its position in shares of Rackspace Technology by 25.6% during the third quarter. Sargent Investment Group LLC now owns 270,100 shares of the company’s stock worth $662,000 after buying an additional 55,000 shares in the last quarter. Institutional investors and hedge funds own 82.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Barclays increased their price objective on shares of Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a research report on Monday, November 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $2.47.

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.