Dharmendra Kumar Sinha Sells 176,374 Shares of Rackspace Technology, Inc. (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 176,374 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now owns 2,117,455 shares in the company, valued at $3,959,640.85. This represents a 7.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed 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 shares were sold at an average price of $2.37, for a total value of $41,427.60.

Rackspace Technology Price Performance

Shares of RXT traded up $0.02 during midday trading on Wednesday, hitting $1.87. 3,815,720 shares of the company traded hands, compared to its average volume of 944,922. The stock has a 50-day moving average of $2.50 and a 200-day moving average of $2.48. Rackspace Technology, Inc. has a one year low of $1.45 and a one year high of $3.41. The firm has a market cap of $425.55 million, a P/E ratio of -0.48 and a beta of 2.05.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings results 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 company 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

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