Rackspace Technology, Inc. (NASDAQ:RXT) CEO Amar Maletira Sells 521,840 Shares

Rackspace Technology, Inc. (NASDAQ:RXT) CEO Amar Maletira sold 521,840 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $1.87, for a total value of $975,840.80. Following the sale, the chief executive officer now directly owns 4,368,328 shares of the company’s stock, valued at approximately $8,168,773.36. This represents a 10.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Amar Maletira also recently made the following trade(s):

• On Monday, March 3rd, Amar Maletira sold 38,355 shares of Rackspace Technology stock. The shares were sold at an average price of $2.37, for a total transaction of $90,901.35.

Rackspace Technology Trading Up 1.1 %

NASDAQ RXT opened at $1.87 on Thursday. The stock has a market capitalization of $425.55 million, a price-to-earnings ratio of -0.48 and a beta of 2.05. The business’s 50 day moving average is $2.50 and its two-hundred day moving average 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 posted its quarterly 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 company had revenue of $685.60 million for the quarter, compared to analyst estimates of $674.85 million.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RXT. Jacobs Levy Equity Management Inc. raised its position in shares of Rackspace Technology by 139.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 814,624 shares of the company’s stock worth $1,996,000 after purchasing an additional 474,299 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Rackspace Technology in the fourth quarter valued at $855,000. Two Sigma Investments LP increased its stake in Rackspace Technology by 1,692.6% in the fourth quarter. Two Sigma Investments LP now owns 406,621 shares of the company’s stock valued at $899,000 after purchasing an additional 383,938 shares during the last quarter. Renaissance Technologies LLC lifted its position in Rackspace Technology by 24.0% during the fourth quarter. Renaissance Technologies LLC now owns 1,929,127 shares of the company’s stock worth $4,263,000 after buying an additional 373,627 shares during the period. Finally, Prudential Financial Inc. purchased a new stake in Rackspace Technology in the 4th quarter valued at about $715,000. 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.