Anthony Scott Sells 40,000 Shares of Rackspace Technology (NASDAQ:RXT) Stock

Key Points

• Rackspace Technology's Director Anthony Scott sold 40,000 shares of the firm’s stock at an average price of $1.43, totaling $57,200, which represents a 17.31% decrease in his holdings.
• The company's stock recently traded up 3.6% to $1.45, with a 1-year low of $1.00 and a high of $3.41.
• Rackspace's latest earnings report revealed a loss of ($0.06) EPS, missing estimates, and a 2.7% decline in revenue compared to the previous year.

Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) Director Anthony Scott sold 40,000 shares of Rackspace Technology stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $1.43, for a total value of $57,200.00. Following the transaction, the director owned 191,045 shares of the company's stock, valued at $273,194.35. The trade was a 17.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Rackspace Technology Trading Down 2.7%

Shares of NASDAQ RXT traded down $0.04 during trading on Friday, reaching $1.45. 609,899 shares of the company traded hands, compared to its average volume of 857,313. The firm's fifty day simple moving average is $1.32 and its 200 day simple moving average is $1.42. The stock has a market cap of $347.07 million, a P/E ratio of -0.90 and a beta of 2.06. Rackspace Technology, Inc. has a 12-month low of $1.00 and a 12-month high of $3.41.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.01). The business had revenue of $666.30 million during the quarter, compared to analyst estimates of $658.86 million. The business's revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.08) EPS. Rackspace Technology has set its Q3 2025 guidance at -0.060--0.040 EPS.

Institutional Investors Weigh In On Rackspace Technology

Several large investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in Rackspace Technology by 17.9% during the 2nd quarter. Geode Capital Management LLC now owns 2,064,549 shares of the company's stock worth $2,643,000 after buying an additional 313,636 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Rackspace Technology by 25.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,437,879 shares of the company's stock worth $1,840,000 after buying an additional 292,249 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in Rackspace Technology by 42.4% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,255,023 shares of the company's stock worth $2,121,000 after buying an additional 373,875 shares in the last quarter. D. E. Shaw & Co. Inc. increased its stake in Rackspace Technology by 2.5% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,203,806 shares of the company's stock worth $2,660,000 after buying an additional 29,047 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Rackspace Technology by 4,053.5% during the 1st quarter. Russell Investments Group Ltd. now owns 846,112 shares of the company's stock worth $1,430,000 after buying an additional 825,741 shares in the last quarter. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on RXT. Raymond James Financial reiterated a "market perform" rating on shares of Rackspace Technology in a research note on Monday, June 2nd. Wall Street Zen lowered Rackspace Technology from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Finally, BMO Capital Markets cut their price target on Rackspace Technology from $1.75 to $1.40 and set a "market perform" rating for the company in a research note on Tuesday, August 12th. Four analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Rackspace Technology currently has an average rating of "Reduce" and a consensus price target of $1.58.

Rackspace Technology Company Profile

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.