Insider Selling: Rackspace Technology (NASDAQ:RXT) EVP Sells $340,502.63 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 188,123 shares of Rackspace Technology stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $1.81, for a total value of $340,502.63. Following the completion of the transaction, the executive vice president owned 2,276,057 shares of the company’s stock, valued at approximately $4,119,663.17. The trade was a 7.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Dharmendra Kumar Sinha also recently made the following trade(s):

• On Monday, March 2nd, Dharmendra Kumar Sinha sold 45,393 shares of Rackspace Technology stock. The shares were sold at an average price of $1.81, for a total value of $82,161.33.

Rackspace Technology Price Performance

RXT traded up $0.08 during trading hours on Wednesday, hitting $1.85. 9,006,667 shares of the stock were exchanged, compared to its average volume of 68,368,392. The stock has a 50-day simple moving average of $1.19 and a 200-day simple moving average of $1.25. Rackspace Technology, Inc. has a 12 month low of $0.39 and a 12 month high of $2.74. The stock has a market cap of $456.78 million, a price-to-earnings ratio of -1.95 and a beta of 1.80.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The business 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.

Hedge Funds Weigh In On Rackspace Technology

Several hedge funds and other institutional investors have recently modified their holdings of the company. R Squared Ltd grew its position in shares of Rackspace Technology by 74.3% during the third quarter. R Squared Ltd now owns 25,127 shares of the company’s stock worth $35,000 after acquiring an additional 10,707 shares during the last quarter. Engineers Gate Manager LP lifted its position in Rackspace Technology by 47.1% in the 2nd quarter. Engineers Gate Manager LP now owns 34,777 shares of the company’s stock valued at $45,000 after purchasing an additional 11,141 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Rackspace Technology by 4.0% during the 3rd quarter. Alliancebernstein L.P. now owns 290,750 shares of the company’s stock valued at $410,000 after purchasing an additional 11,300 shares during the period. Creative Planning grew its position in Rackspace Technology by 114.2% in the 2nd quarter. Creative Planning now owns 25,715 shares of the company’s stock worth $33,000 after purchasing an additional 13,708 shares during the last quarter. Finally, Intech Investment Management LLC grew its position in Rackspace Technology by 45.4% in the 2nd quarter. Intech Investment Management LLC now owns 51,692 shares of the company’s stock worth $66,000 after purchasing an additional 16,152 shares during the last quarter. Institutional investors and hedge funds own 82.48% of the company’s stock.

Wall Street Analyst Weigh In

RXT has been the subject of a number of recent research reports. Royal Bank Of Canada boosted their price objective on shares of Rackspace Technology from $1.75 to $2.50 and gave the company a “sector perform” rating in a research report on Friday, February 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Rackspace Technology in a research note on Thursday, January 22nd. Four research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $1.70.

Rackspace Technology Company Profile

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.