Mark Marino Sells 48,099 Shares of Rackspace Technology (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark Marino sold 48,099 shares of Rackspace Technology stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $5.56, for a total transaction of $267,430.44. Following the sale, the chief financial officer owned 3,370,431 shares in the company, valued at approximately $18,739,596.36. This trade represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 Stock Performance

Shares of Rackspace Technology stock opened at $4.70 on Friday. The firm’s 50-day simple moving average is $2.97 and its 200-day simple moving average is $1.78. Rackspace Technology, Inc. has a twelve month low of $0.39 and a twelve month high of $7.65. The firm has a market cap of $1.17 billion, a P/E ratio of -7.70 and a beta of 3.03.

Rackspace Technology (NASDAQ:RXT) last issued its earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The firm had revenue of $678.10 million for the quarter, compared to analyst estimates of $660.83 million. Rackspace Technology has set its FY 2026 guidance at -0.200–0.150 EPS. On average, equities analysts forecast that Rackspace Technology, Inc. will post -0.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rackspace Technology

A number of institutional investors have recently modified their holdings of the stock. R Squared Ltd raised its stake in shares of Rackspace Technology by 74.3% in 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 raised its stake in shares of Rackspace Technology by 47.1% in the second quarter. Engineers Gate Manager LP now owns 34,777 shares of the company’s stock worth $45,000 after acquiring an additional 11,141 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Rackspace Technology by 4.0% in the third quarter. Alliancebernstein L.P. now owns 290,750 shares of the company’s stock worth $410,000 after acquiring an additional 11,300 shares during the last quarter. Creative Planning raised its stake in shares of Rackspace Technology by 114.2% in 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 last quarter. Finally, XTX Topco Ltd raised its stake in shares of Rackspace Technology by 62.8% in the second quarter. XTX Topco Ltd now owns 57,682 shares of the company’s stock worth $74,000 after acquiring an additional 22,243 shares during the last quarter. 82.48% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on RXT shares. Royal Bank Of Canada boosted their price target 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 report on Tuesday. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $1.95.

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.