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 company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $1.87, for a total transaction of $138,327.64. Following the transaction, the insider now owns 935,114 shares in the company, valued at approximately $1,748,663.18. This trade represents a 7.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

NASDAQ:RXT traded up $0.02 during trading hours on Wednesday, reaching $1.87. 3,815,720 shares of the stock were exchanged, compared to its average volume of 944,922. The stock has a market cap of $425.55 million, a PE ratio of -0.48 and a beta of 2.05. The firm has a 50 day moving average of $2.50 and a 200 day moving average of $2.48. Rackspace Technology, Inc. has a twelve month low of $1.45 and a twelve month high of $3.41.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings data on Thursday, February 20th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate 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 Investors Weigh In On Rackspace Technology

A number of hedge funds have recently added to or reduced their stakes in RXT. Charles Schwab Investment Management Inc. increased its holdings in shares of Rackspace Technology by 0.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 595,860 shares of the company’s stock valued at $1,317,000 after acquiring an additional 5,136 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Rackspace Technology by 24.1% in the fourth 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 during the last quarter. ProShare Advisors LLC boosted its position in 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. MetLife Investment Management LLC lifted its position 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 during the last quarter. Finally, Invesco Ltd. lifted its position 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 during the last quarter. 82.48% of the stock is currently owned by institutional investors.

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.