Rackspace Technology (NASDAQ:RXT) EVP Dharmendra Kumar Sinha Sells 91,151 Shares

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 91,151 shares of the stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $1.04, for a total transaction of $94,797.04. Following the sale, the executive vice president owned 2,568,895 shares in the company, valued at approximately $2,671,650.80. This trade represents a 3.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Rackspace Technology Trading Up 2.4%

Rackspace Technology stock opened at $1.06 on Friday. The firm has a market capitalization of $256.99 million, a P/E ratio of -0.98 and a beta of 2.07. Rackspace Technology, Inc. has a twelve month low of $1.00 and a twelve month high of $3.03. The stock’s fifty day simple moving average is $1.37 and its 200-day simple moving average is $1.32.

Rackspace Technology (NASDAQ:RXT) last released its earnings results on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). The company had revenue of $671.20 million for the quarter, compared to analyst estimates of $666.83 million. The company’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.04) earnings per share. Rackspace Technology has set its Q4 2025 guidance at -0.050–0.030 EPS.

Hedge Funds Weigh In On Rackspace Technology

Large investors have recently bought and sold shares of the company. Cerity Partners LLC purchased a new position in shares of Rackspace Technology during the 1st quarter worth approximately $26,000. Quadrature Capital Ltd purchased a new stake in Rackspace Technology during the second quarter worth about $26,000. Savant Capital LLC acquired a new position in Rackspace Technology during the third quarter worth about $33,000. Jump Financial LLC purchased a new position in Rackspace Technology in the first quarter valued at about $40,000. Finally, R Squared Ltd increased its holdings in Rackspace Technology by 74.3% in the third quarter. R Squared Ltd now owns 25,127 shares of the company’s stock valued at $35,000 after buying an additional 10,707 shares in the last quarter. Hedge funds and other institutional investors own 82.48% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Wall Street Zen raised shares of Rackspace Technology from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. Royal Bank Of Canada dropped their price objective on shares of Rackspace Technology from $2.00 to $1.75 and set a “sector perform” rating on the stock in a research report on Monday, November 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rackspace Technology in a research report on Wednesday, October 8th. Finally, BMO Capital Markets dropped their target price on Rackspace Technology from $1.75 to $1.40 and set a “market perform” rating on the stock in a report on Tuesday, August 12th. Four investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Rackspace Technology presently has an average rating of “Reduce” and an average price target of $1.51.

Rackspace Technology Company Profile

Rackspace Technology, Inc operates as a multi cloud technology services company in the Americas, Europe, the Middle East, Africa, and The Asia-Pacific region. It operates through three segments: Multicloud Services, Apps & Cross Platform, and OpenStack Public Cloud. The company provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; professional services related to designing and building multi cloud solutions and cloud-native applications; and managed hosting and colocation services.