Dharmendra Kumar Sinha Sells 45,393 Shares of Rackspace Technology (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 45,393 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $1.81, for a total transaction of $82,161.33. Following the completion of the sale, the executive vice president directly owned 2,464,180 shares in the company, valued at approximately $4,460,165.80. The trade was a 1.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Rackspace Technology Stock Up 13.8%

NASDAQ:RXT traded up $0.27 during mid-day trading on Monday, hitting $2.22. 31,740,842 shares of the stock traded hands, compared to its average volume of 59,821,368. The business’s 50-day moving average price is $0.94 and its 200 day moving average price is $1.18. The company has a market cap of $540.77 million, a PE ratio of -2.34 and a beta of 1.78. Rackspace Technology, Inc. has a 12-month low of $0.39 and a 12-month high of $2.49.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on RXT shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Rackspace Technology in a research note on Thursday, January 22nd. Royal Bank Of Canada lifted their price target on Rackspace Technology from $1.75 to $2.50 and gave the company a “sector perform” rating in a research report on Friday. Four analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Rackspace Technology currently has a consensus rating of “Reduce” and a consensus price target of $1.70.

Institutional Trading of Rackspace Technology

Several hedge funds and other institutional investors have recently bought and sold shares of RXT. Quadrature Capital Ltd purchased a new stake in shares of Rackspace Technology in the second quarter valued at $26,000. Savant Capital LLC purchased a new stake in shares of Rackspace Technology in the 3rd quarter worth $33,000. R Squared Ltd grew its position in shares of Rackspace Technology by 74.3% during the 3rd quarter. R Squared Ltd now owns 25,127 shares of the company’s stock worth $35,000 after buying an additional 10,707 shares in the last quarter. Creative Planning grew its position in shares of Rackspace Technology by 114.2% during the 2nd quarter. Creative Planning now owns 25,715 shares of the company’s stock worth $33,000 after buying an additional 13,708 shares in the last quarter. Finally, Engineers Gate Manager LP increased its stake in shares of Rackspace Technology by 47.1% during the second quarter. Engineers Gate Manager LP now owns 34,777 shares of the company’s stock valued at $45,000 after buying an additional 11,141 shares during the period. Hedge funds and other institutional investors own 82.48% of the company’s stock.

About Rackspace Technology

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.