Dharmendra Kumar Sinha Sells 23,357 Shares of Rackspace Technology, Inc. (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 23,357 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $2.54, for a total transaction of $59,326.78. Following the transaction, the executive vice president now owns 2,311,309 shares in the company, valued at approximately $5,870,724.86. This trade represents a 1.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Friday, November 29th, Dharmendra Kumar Sinha sold 88,548 shares of Rackspace Technology stock. The shares were sold at an average price of $2.67, for a total transaction of $236,423.16.

Rackspace Technology Stock Down 1.1 %

NASDAQ RXT traded down $0.03 during trading hours on Thursday, hitting $2.58. The company’s stock had a trading volume of 1,312,599 shares, compared to its average volume of 1,091,619. Rackspace Technology, Inc. has a twelve month low of $1.36 and a twelve month high of $3.41. The firm has a market capitalization of $587.13 million, a P/E ratio of -0.74 and a beta of 1.99. The stock has a fifty day moving average of $2.58 and a 200 day moving average of $2.45.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. The company had revenue of $675.80 million during the quarter, compared to analyst estimates of $675.14 million. During the same period last year, the company earned ($0.04) EPS. The business’s revenue for the quarter was down 7.7% compared to the same quarter last year. On average, analysts predict that Rackspace Technology, Inc. will post -0.27 earnings per share for the current year.

Hedge Funds Weigh In On Rackspace Technology

Several institutional investors have recently modified their holdings of the stock. Creative Planning acquired a new stake in shares of Rackspace Technology in the 3rd quarter valued at approximately $29,000. Allspring Global Investments Holdings LLC bought a new position in Rackspace Technology in the second quarter valued at approximately $40,000. US Bancorp DE boosted its stake in Rackspace Technology by 10,766.2% in the 3rd quarter. US Bancorp DE now owns 16,408 shares of the company’s stock worth $40,000 after purchasing an additional 16,257 shares during the period. Intech Investment Management LLC acquired a new position in shares of Rackspace Technology during the third quarter worth about $50,000. Finally, The Manufacturers Life Insurance Company boosted its position in Rackspace Technology by 44.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock worth $89,000 after acquiring an additional 9,275 shares during the last quarter. 82.48% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on RXT shares. UBS Group raised their price target on shares of Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a report on Friday, August 16th. Barclays lifted their target price on Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a research note on Monday, November 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $2.47.

About Rackspace Technology

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.