Amar Maletira Sells 82,552 Shares of Rackspace Technology, Inc. (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CEO Amar Maletira sold 82,552 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $2.37, for a total transaction of $195,648.24. Following the transaction, the chief executive officer now owns 4,983,984 shares in the company, valued at $11,812,042.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Monday, September 30th, Amar Maletira sold 84,823 shares of Rackspace Technology stock. The shares were sold at an average price of $2.42, for a total transaction of $205,271.66.
• On Wednesday, August 21st, Amar Maletira sold 52,206 shares of Rackspace Technology stock. The stock was sold at an average price of $2.35, for a total value of $122,684.10.

Rackspace Technology Price Performance

Shares of Rackspace Technology stock remained flat at $2.38 during trading on Wednesday. The company had a trading volume of 602,344 shares, compared to its average volume of 1,161,289. Rackspace Technology, Inc. has a 1 year low of $1.15 and a 1 year high of $3.18. The stock has a fifty day moving average of $2.32 and a 200 day moving average of $2.18. The stock has a market cap of $532.77 million, a PE ratio of -0.60 and a beta of 1.98.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.03. The company had revenue of $684.90 million during the quarter, compared to analyst estimates of $669.10 million. As a group, research analysts forecast that Rackspace Technology, Inc. will post -0.32 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RXT. Allspring Global Investments Holdings LLC acquired a new position in shares of Rackspace Technology in the second quarter valued at approximately $40,000. Susquehanna Fundamental Investments LLC acquired a new position in Rackspace Technology in the 1st quarter valued at $35,000. The Manufacturers Life Insurance Company lifted 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 purchasing an additional 9,275 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of Rackspace Technology by 98.2% during 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 during the last quarter. Finally, Aristides Capital LLC purchased a new stake in shares of Rackspace Technology in the fourth quarter valued at $151,000. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, UBS Group upped their target price on 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 given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Rackspace Technology has a consensus rating of “Hold” and an average price target 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.