Insider Selling: Rackspace Technology (NASDAQ:RXT) CFO Sells 14,058 Shares of Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark Marino sold 14,058 shares of the business’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $1.81, for a total value of $25,444.98. Following the completion of the sale, the chief financial officer directly owned 2,158,874 shares of the company’s stock, valued at $3,907,561.94. This represents a 0.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Rackspace Technology Stock Performance

Shares of NASDAQ RXT traded up $0.08 during mid-day trading on Wednesday, reaching $1.85. 9,006,667 shares of the company traded hands, compared to its average volume of 68,368,392. The stock has a market cap of $456.78 million, a PE ratio of -1.95 and a beta of 1.80. The company’s fifty day moving average is $1.19 and its two-hundred day moving average is $1.25. Rackspace Technology, Inc. has a fifty-two week low of $0.39 and a fifty-two week high of $2.74.

Rackspace Technology (NASDAQ:RXT) last posted its earnings results on Thursday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.03. The company had revenue of $682.80 million during the quarter, compared to analyst estimates of $672.56 million. Rackspace Technology has set its FY 2026 guidance at -0.200–0.15 EPS.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Royal Bank Of Canada upped their price objective on shares of Rackspace Technology from $1.75 to $2.50 and gave the stock a “sector perform” rating in a report on Friday, February 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rackspace Technology in a report on Thursday, January 22nd. Four analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $1.70.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RXT. AQR Capital Management LLC lifted its holdings in shares of Rackspace Technology by 228.6% during the first quarter. AQR Capital Management LLC now owns 264,565 shares of the company’s stock worth $447,000 after buying an additional 184,058 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Rackspace Technology in the first quarter worth $113,000. Geode Capital Management LLC grew its stake in shares of Rackspace Technology by 17.9% in the second quarter. Geode Capital Management LLC now owns 2,064,549 shares of the company’s stock worth $2,643,000 after acquiring an additional 313,636 shares during the last quarter. Creative Planning increased its position in 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 during the period. Finally, Intech Investment Management LLC increased its position in Rackspace Technology by 45.4% during the second quarter. Intech Investment Management LLC now owns 51,692 shares of the company’s stock worth $66,000 after acquiring an additional 16,152 shares during the period. 82.48% of the stock is owned by institutional investors.

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.