Rackspace Technology, Inc. (NASDAQ:RXT – Get Free Report) shares fell 12.3% during trading on Thursday . The stock traded as low as $5.75 and last traded at $5.6940. 7,703,295 shares traded hands during trading, a decline of 67% from the average session volume of 23,649,773 shares. The stock had previously closed at $6.49.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on the company. Royal Bank Of Canada increased 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rackspace Technology in a report on Tuesday, June 2nd. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $2.70.
Get Our Latest Analysis on RXT
Rackspace Technology Trading Down 12.7%
Rackspace Technology (NASDAQ:RXT – Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The company had revenue of $678.10 million during the quarter, compared to the consensus estimate of $660.83 million. Rackspace Technology has set its FY 2026 guidance at -0.200–0.150 EPS.
Insider Buying and Selling at Rackspace Technology
In other news, CFO Mark A. Marino sold 48,099 shares of the firm’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $5.56, for a total value of $267,430.44. Following the sale, the chief financial officer directly owned 3,370,431 shares in the company, valued at approximately $18,739,596.36. This trade represents a 1.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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. Corporate insiders own 2.30% of the company’s stock.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the company. AQR Capital Management LLC boosted its stake in Rackspace Technology by 228.6% in the first quarter. AQR Capital Management LLC now owns 264,565 shares of the company’s stock valued at $447,000 after acquiring an additional 184,058 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Rackspace Technology during the first quarter worth $113,000. Geode Capital Management LLC lifted its holdings in shares of Rackspace Technology by 17.9% during the 2nd quarter. Geode Capital Management LLC now owns 2,064,549 shares of the company’s stock valued at $2,643,000 after purchasing an additional 313,636 shares during the last quarter. Creative Planning lifted its holdings in shares of Rackspace Technology by 114.2% during the 2nd quarter. Creative Planning now owns 25,715 shares of the company’s stock valued at $33,000 after purchasing an additional 13,708 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Rackspace Technology by 25.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,437,879 shares of the company’s stock worth $1,840,000 after purchasing an additional 292,249 shares in the last quarter. Institutional investors own 82.48% of the company’s stock.
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.
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