Insider Selling: Rackspace Technology, Inc. (NASDAQ:RXT) EVP Sells 176,374 Shares of Stock

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 176,374 shares of Rackspace Technology stock in a transaction on Monday, March 17th. The shares were sold at an average price of $1.87, for a total value of $329,819.38. Following the completion of the transaction, the executive vice president now owns 2,117,455 shares of the company’s stock, valued at approximately $3,959,640.85. This trade represents a 7.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Dharmendra Kumar Sinha also recently made the following trade(s):

• On Monday, March 3rd, Dharmendra Kumar Sinha sold 17,480 shares of Rackspace Technology stock. The stock was sold at an average price of $2.37, for a total value of $41,427.60.

Rackspace Technology Stock Up 1.1 %

Shares of RXT opened at $1.87 on Thursday. Rackspace Technology, Inc. has a twelve month low of $1.45 and a twelve month high of $3.41. The stock has a market cap of $425.55 million, a PE ratio of -0.48 and a beta of 2.05. The business’s 50-day moving average price is $2.50 and its 200-day moving average price is $2.48.

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

Institutional Investors Weigh In On Rackspace Technology

Large investors have recently added to or reduced their stakes in the business. Balyasny Asset Management L.P. bought a new position in Rackspace Technology in the 4th quarter worth about $36,000. MetLife Investment Management LLC grew its holdings in shares of Rackspace Technology by 89.4% during the fourth 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. US Bancorp DE grew its holdings in shares of Rackspace Technology by 10,766.2% during the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock worth $40,000 after purchasing an additional 16,257 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Rackspace Technology by 50.6% in the fourth quarter. ProShare Advisors LLC now owns 19,030 shares of the company’s stock worth $42,000 after purchasing an additional 6,398 shares during the last quarter. Finally, Aquatic Capital Management LLC purchased a new stake in Rackspace Technology in the fourth quarter valued at approximately $45,000. Institutional investors own 82.48% of the company’s stock.

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.