Shares of Rackspace Technology, Inc. (NASDAQ:RXT – Get Free Report) surged in pre-market trading on Friday following a better-than-expected earnings report. The stock opened at $2.36 after previously closing at $2.24. Rackspace Technology shares last traded at $2.43 on volume of 333,436 shares.
The company reported quarterly earnings per share (EPS) of ($0.08), beating the consensus estimate of ($0.11) by $0.03. The company's revenue for the quarter was $684.9 million, beating the consensus estimate of $669.1 million.
Insider Activities
In other Rackspace Technology news, insider Kellie Teal-Guess sold 61,393 shares of the company's stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $2.13, for a total transaction value of $130,767.09. With this transaction the insider now owns 909,775 shares of the company's stock, valued at $1,937,820.75. The sale was disclosed in a filing with the SEC, which can be accessed on the SEC's website. In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the company's stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $2.36, for a total transaction value of $352,227.64. Following the close of the transaction, the Executive Vice President now owns 2,466,593 shares of the company's stock, valued at approximately $5,821,159.48. The transaction was disclosed in a legal filing with the SEC, available on the SEC's website. Additionally, insider Kellie Teal-Guess sold 61,393 shares of the stock in a transaction that took place on Thursday, May 16th. The shares were sold at an average price of $2.13, for a total transaction value of $130,767.09. Following the sale, the insider now directly owns 909,775 shares of the company's stock, valued at $1,937,820.75. The disclosure for this sale can be found here. The insider owns 1.00% of the company's stock.
Rackspace Technology Institutional Trading
A number of hedge funds have recently modified their holdings of the company. Sargent Investment Group LLC increased its holdings in shares of Rackspace Technology by 86.9% in the second quarter. Sargent Investment Group LLC bought an additional 100,000 shares during the period and now owns 215,100 shares valued at $641,000. Renaissance Technologies LLC increased its holdings in shares of Rackspace Technology by 23.7% in the second quarter. Renaissance Technologies LLC bought an additional 256,900 shares during the period and now owns 1,339,200 shares valued at $3,991,000. ClariVest Asset Management LLC increased its holdings in shares of Rackspace Technology by 2.8% in the second quarter. ClariVest Asset Management LLC now holds 379,721 shares of the company's stock, valued at $1,132,000, after purchasing an additional 10,281 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Rackspace Technology during the second quarter, valued at approximately $40,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Rackspace Technology by 17.1% in the second quarter. Bank of New York Mellon Corp now holds 222,778 shares of the company's stock, valued at $664,000, after purchasing an additional 32,468 shares during the period. Institutional investors hold 82.48% of the company's stock.
Rackspace Technology Price Performance
The company's 50 day moving average is $2.48 and its 200 day moving average is $2.04.
Rackspace Technology Company Profile
(Get your free report)
Rackspace Technology, Inc is a multi-cloud technology services company operating in the Americas, Europe, the Middle East, Africa and Asia Pacific. It operates through three segments: Multi-Cloud Services, Apps & Cross Platform and OpenStack Public Cloud. The company offers public and private cloud managed services that enable customers to determine, manage and optimize the right infrastructure, platform and services; professional services related to designing and building multi-cloud solutions and cloud native applications; and managed hosting and colocation services.
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