Gajakarnan Vibushanan Kandiah Sells 8,258 Shares of Rackspace Technology (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CEO Gajakarnan Vibushanan Kandiah sold 8,258 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $2.95, for a total transaction of $24,361.10. Following the completion of the sale, the chief executive officer owned 4,183,683 shares in the company, valued at approximately $12,341,864.85. This trade represents a 0.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rackspace Technology Price Performance

Shares of NASDAQ:RXT traded up $0.01 during trading on Wednesday, reaching $3.01. 6,300,549 shares of the company were exchanged, compared to its average volume of 7,284,960. The firm has a market capitalization of $767.16 million, a PE ratio of -4.63 and a beta of 3.05. Rackspace Technology, Inc. has a 12-month low of $0.39 and a 12-month high of $8.60. The business’s fifty day simple moving average is $4.50 and its 200-day simple moving average is $3.54.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The business had revenue of $670.10 million during the quarter, compared to the consensus estimate of $646.00 million. On average, sell-side analysts anticipate that Rackspace Technology, Inc. will post -0.28 EPS for the current fiscal year.

Rackspace Technology News Roundup

Here are the key news stories impacting Rackspace Technology this week:

• Neutral Sentiment: Investors who purchased Rackspace securities between May 7 and July 8, 2026, and suffered losses, may seek appointment as lead plaintiff by September 28. These notices are procedural and do not establish that Rackspace committed wrongdoing. Kaplan Fox deadline announcement
• Negative Sentiment: The lawsuit alleges that Rackspace and certain executives made misleading statements or failed to disclose material information about the company’s artificial-intelligence efforts and their expected impact on financial performance. Bleichmar Fonti & Auld lawsuit announcement
• Negative Sentiment: One litigation notice claims Rackspace’s June restructuring filing disclosed severance costs and anticipated savings but allegedly omitted a roughly $150 million revenue shortfall that surfaced about three weeks later. The allegations followed a reported 33.6% stock decline, increasing legal, reputational and potential financial risks for RXT. SueWallSt Rackspace deadline alert

Institutional Investors Weigh In On Rackspace Technology

Several hedge funds have recently modified their holdings of RXT. BlackRock Inc. purchased a new position in Rackspace Technology in the 2nd quarter valued at about $51,411,000. Vanguard Group Inc. lifted its stake in Rackspace Technology by 6.1% during the third quarter. Vanguard Group Inc. now owns 6,288,882 shares of the company’s stock worth $8,867,000 after purchasing an additional 359,087 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Rackspace Technology by 179.7% in the 1st quarter. Janus Henderson Group PLC now owns 2,937,670 shares of the company’s stock valued at $2,878,000 after buying an additional 1,887,317 shares during the period. Geode Capital Management LLC grew its holdings in shares of Rackspace Technology by 4.2% during the fourth quarter. Geode Capital Management LLC now owns 2,408,000 shares of the company’s stock valued at $2,338,000 after purchasing an additional 96,760 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of Rackspace Technology by 14.0% during the first quarter. Renaissance Technologies LLC now owns 2,041,600 shares of the company’s stock valued at $2,000,000 after acquiring an additional 250,700 shares during the period. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on RXT. Royal Bank Of Canada raised their target price on Rackspace Technology from $2.50 to $4.00 and gave the stock a “sector perform” rating in a research note on Wednesday, June 17th. Wall Street Zen downgraded Rackspace Technology from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rackspace Technology in a report on Friday, August 28th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $4.00.

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.