Rackspace Technology (NASDAQ:RXT) Stock Price Down 5.9% Following Insider Selling

Shares of Rackspace Technology, Inc. (NASDAQ:RXT) fell 5.9% on Thursday after an insider sold shares in the company. The stock traded as low as $2.24 and last traded at $2.24. 157,784 shares changed hands during trading, a decline of 87% from the average session volume of 1,257,439 shares. The stock had previously closed at $2.38.

Specifically, CEO Amar Maletira sold 52,206 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $2.35, for a total value of $122,684.10. Following the sale, the chief executive officer now owns 5,347,434 shares of the company’s stock, valued at approximately $12,566,469.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analysts Forecast Growth

Separately, UBS Group boosted their price target on shares of Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a report on Friday, August 16th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $2.15.

Rackspace Technology Stock Up 9.0 %

The stock has a market capitalization of $544.73 million, a PE ratio of -0.61 and a beta of 1.98. The business’s 50-day moving average is $2.49 and its two-hundred day moving average is $2.08.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Raymond James & Associates purchased a new position in shares of Rackspace Technology in the 4th quarter valued at approximately $29,000. Susquehanna Fundamental Investments LLC purchased a new position in Rackspace Technology during the 1st quarter worth $35,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Rackspace Technology in the 2nd quarter worth $40,000. Tower Research Capital LLC TRC boosted its holdings in shares of Rackspace Technology by 1,140.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 21,168 shares of the company’s stock valued at $42,000 after acquiring an additional 19,462 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of Rackspace Technology by 98.2% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock worth $51,000 after acquiring an additional 16,484 shares during the period. Institutional investors and hedge funds own 82.48% of the company’s stock.

About Rackspace Technology

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.