Amar Maletira Sells 38,355 Shares of Rackspace Technology, Inc. (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CEO Amar Maletira sold 38,355 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $2.37, for a total transaction of $90,901.35. Following the completion of the sale, the chief executive officer now directly owns 4,890,168 shares of the company’s stock, valued at $11,589,698.16. This represents a 0.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Rackspace Technology Price Performance

Shares of RXT stock opened at $2.19 on Friday. The firm has a market cap of $498.38 million, a PE ratio of -0.56 and a beta of 2.05. The company has a 50-day moving average of $2.54 and a two-hundred day moving average of $2.50. Rackspace Technology, Inc. has a 1-year low of $1.45 and a 1-year high of $3.41.

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

Wall Street Analysts Forecast Growth

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

Institutional Trading of Rackspace Technology

Several hedge funds have recently made changes to their positions in the business. Two Sigma Advisers LP lifted its position in shares of Rackspace Technology by 243.1% during the fourth quarter. Two Sigma Advisers LP now owns 264,200 shares of the company’s stock worth $584,000 after purchasing an additional 187,200 shares in the last quarter. Two Sigma Investments LP lifted its position in shares of Rackspace Technology by 1,692.6% during the fourth quarter. Two Sigma Investments LP now owns 406,621 shares of the company’s stock worth $899,000 after purchasing an additional 383,938 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of Rackspace Technology by 50.6% during the fourth quarter. ProShare Advisors LLC now owns 19,030 shares of the company’s stock worth $42,000 after purchasing an additional 6,398 shares in the last quarter. Millennium Management LLC lifted its position in shares of Rackspace Technology by 38.0% during the fourth quarter. Millennium Management LLC now owns 490,994 shares of the company’s stock worth $1,085,000 after purchasing an additional 135,140 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of Rackspace Technology by 8.2% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 881,148 shares of the company’s stock worth $1,947,000 after purchasing an additional 66,524 shares in the last quarter. Institutional investors and hedge funds own 82.48% of the company’s stock.

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.