Insider Selling: Rackspace Technology, Inc. (NASDAQ:RXT) CFO Sells 20,217 Shares of Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CFO Mark A. Marino sold 20,217 shares of Rackspace Technology stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $1.87, for a total transaction of $37,805.79. Following the transaction, the chief financial officer now owns 1,917,446 shares of the company’s stock, valued at $3,585,624.02. The trade was a 1.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Rackspace Technology Stock Up 1.1 %

Shares of RXT stock traded up $0.02 during trading hours on Wednesday, hitting $1.87. 3,815,720 shares of the company’s stock traded hands, compared to its average volume of 944,922. Rackspace Technology, Inc. has a 12-month low of $1.45 and a 12-month high of $3.41. The stock has a market cap of $425.55 million, a price-to-earnings ratio of -0.48 and a beta of 2.05. The stock’s fifty day simple moving average is $2.50 and its two-hundred day simple moving average is $2.48.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $674.85 million.

Institutional Investors Weigh In On Rackspace Technology

A number of large investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its position 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 worth $1,317,000 after purchasing an additional 5,136 shares during the period. Price T Rowe Associates Inc. MD lifted its stake 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 valued at $60,000 after buying an additional 5,214 shares in the last quarter. ProShare Advisors LLC lifted its stake 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 valued at $42,000 after buying an additional 6,398 shares in the last quarter. MetLife Investment Management LLC lifted its stake 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 valued at $39,000 after buying an additional 8,281 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Rackspace Technology by 1.6% during the 4th quarter. Invesco Ltd. now owns 610,261 shares of the company’s stock valued at $1,349,000 after buying an additional 9,825 shares in the last quarter. 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.