Insider Selling: Rackspace Technology, Inc. (NASDAQ:RXT) Insider Sells 73,972 Shares of Stock

Rackspace Technology, Inc. (NASDAQ:RXT) insider Srini Koushik sold 73,972 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $1.87, for a total value of $138,327.64. Following the completion of the transaction, the insider now directly owns 935,114 shares in the company, valued at $1,748,663.18. The trade was a 7.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Srini Koushik also recently made the following trade(s):

• On Monday, March 3rd, Srini Koushik sold 9,165 shares of Rackspace Technology stock. The shares were sold at an average price of $2.37, for a total value of $21,721.05.

Rackspace Technology Price Performance

RXT opened at $1.87 on Friday. The firm has a market capitalization of $425.55 million, a P/E ratio of -0.48 and a beta of 2.05. The stock’s 50 day moving average price is $2.49 and its two-hundred day moving average price is $2.48. Rackspace Technology, Inc. has a 12-month low of $1.45 and a 12-month high of $3.41.

Rackspace Technology (NASDAQ:RXT) last released its earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. The business had revenue of $685.60 million during the quarter, compared to analyst estimates of $674.85 million.

Institutional Trading of Rackspace Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its holdings in Rackspace Technology by 0.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 595,860 shares of the company’s stock valued at $1,317,000 after buying an additional 5,136 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Rackspace Technology by 24.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,807 shares of the company’s stock worth $60,000 after purchasing an additional 5,214 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of Rackspace Technology by 50.6% during the 4th quarter. ProShare Advisors LLC now owns 19,030 shares of the company’s stock worth $42,000 after purchasing an additional 6,398 shares in the last quarter. MetLife Investment Management LLC grew its holdings in shares of Rackspace Technology by 89.4% during the 4th quarter. MetLife Investment Management LLC now owns 17,539 shares of the company’s stock worth $39,000 after purchasing an additional 8,281 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Rackspace Technology by 1.6% during the 4th quarter. Invesco Ltd. now owns 610,261 shares of the company’s stock worth $1,349,000 after purchasing an additional 9,825 shares in the last quarter. Institutional investors and hedge funds own 82.48% of the company’s stock.

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.