Amar Maletira Sells 84,823 Shares of Rackspace Technology, Inc. (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CEO Amar Maletira sold 84,823 shares of Rackspace Technology stock in a transaction on Monday, September 30th. The stock was sold at an average price of $2.42, for a total value of $205,271.66. Following the sale, the chief executive officer now directly owns 5,158,399 shares of the company’s stock, valued at $12,483,325.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Amar Maletira also recently made the following trade(s):

• On Wednesday, October 2nd, Amar Maletira sold 82,552 shares of Rackspace Technology stock. The stock was sold at an average price of $2.37, for a total value of $195,648.24.
• On Wednesday, August 21st, Amar Maletira sold 52,206 shares of Rackspace Technology stock. The shares were sold at an average price of $2.35, for a total value of $122,684.10.

Rackspace Technology Price Performance

NASDAQ RXT remained flat at $2.38 during trading hours on Wednesday. The company had a trading volume of 602,344 shares, compared to its average volume of 1,161,289. The firm has a market capitalization of $532.77 million, a P/E ratio of -0.60 and a beta of 1.98. The business’s 50 day moving average price is $2.32 and its 200-day moving average price is $2.18. Rackspace Technology, Inc. has a twelve month low of $1.15 and a twelve month high of $3.18.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.03. The company had revenue of $684.90 million for the quarter, compared to the consensus estimate of $669.10 million. Analysts predict that Rackspace Technology, Inc. will post -0.32 EPS for the current year.

Institutional Trading of Rackspace Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new position in shares of Rackspace Technology during the second quarter worth about $40,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Rackspace Technology during the 1st quarter worth approximately $35,000. The Manufacturers Life Insurance Company grew its stake in shares of 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 in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Rackspace Technology by 98.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock worth $51,000 after purchasing an additional 16,484 shares in the last quarter. Finally, Aristides Capital LLC acquired a new position in Rackspace Technology during the fourth quarter worth $151,000. Institutional investors and hedge funds own 82.48% of the company’s stock.

Analyst Ratings Changes

Separately, UBS Group boosted their price objective 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. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Rackspace Technology currently has a consensus rating of “Hold” and a consensus target price of $2.15.

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.