Rackspace Technology (NASDAQ:RXT) CEO Sells 498,728 Shares of Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CEO Gajakarnan Vibushanan Kandiah sold 498,728 shares of the business’s stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $3.21, for a total transaction of $1,600,916.88. Following the transaction, the chief executive officer owned 3,684,955 shares in the company, valued at $11,828,705.55. This represents a 11.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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.

Gajakarnan Vibushanan Kandiah also recently made the following trade(s):

• On Wednesday, September 2nd, Gajakarnan Vibushanan Kandiah sold 8,258 shares of Rackspace Technology stock. The stock was sold at an average price of $2.95, for a total transaction of $24,361.10.

Rackspace Technology Stock Performance

Rackspace Technology stock opened at $3.19 on Tuesday. The stock’s 50 day simple moving average is $4.32 and its two-hundred day simple moving average is $3.60. The stock has a market cap of $813.04 million, a price-to-earnings ratio of -4.91 and a beta of 3.05. Rackspace Technology, Inc. has a fifty-two week low of $0.39 and a fifty-two week high of $8.60.

Rackspace Technology (NASDAQ:RXT) last announced its earnings results on Monday, August 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.01. The firm had revenue of $670.10 million during the quarter, compared to the consensus estimate of $646.00 million. On average, analysts predict that Rackspace Technology, Inc. will post -0.28 earnings per share for the current year.

Institutional Trading of Rackspace Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Janus Henderson Group PLC raised its stake in Rackspace Technology by 179.7% during the 1st quarter. Janus Henderson Group PLC now owns 2,937,670 shares of the company’s stock worth $2,878,000 after acquiring an additional 1,887,317 shares during the period. Renaissance Technologies LLC boosted its position in shares of Rackspace Technology by 14.0% in the first quarter. Renaissance Technologies LLC now owns 2,041,600 shares of the company’s stock worth $2,000,000 after purchasing an additional 250,700 shares during the period. GSA Capital Partners LLP purchased a new stake in shares of Rackspace Technology in the second quarter worth $2,822,000. BlackRock Inc. purchased a new stake in shares of Rackspace Technology in the second quarter worth $51,411,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Rackspace Technology during the 2nd quarter valued at $3,887,000. Hedge funds and other institutional investors own 82.48% of the company’s stock.

Wall Street Analysts Forecast Growth

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