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 stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $1.87, for a total value of $138,327.64. Following the sale, the insider now owns 935,114 shares of the company’s stock, valued at $1,748,663.18. This represents a 7.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $2.37, for a total value of $21,721.05.

Rackspace Technology Stock Up 1.1 %

Shares of Rackspace Technology stock traded up $0.02 on Wednesday, reaching $1.87. The company’s stock had a trading volume of 3,815,720 shares, compared to its average volume of 944,922. The company has a market capitalization of $425.55 million, a price-to-earnings ratio of -0.48 and a beta of 2.05. The firm’s fifty day simple moving average is $2.50 and its two-hundred day simple moving average is $2.48. Rackspace Technology, Inc. has a 52 week low of $1.45 and a 52 week high of $3.41.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings data on Thursday, February 20th. The company reported ($0.02) EPS 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 analysts’ expectations of $674.85 million.

Institutional Investors Weigh In On Rackspace Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its stake in Rackspace Technology by 0.9% in the fourth 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 in the last quarter. Price T Rowe Associates Inc. MD raised 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 during the last quarter. ProShare Advisors LLC grew its position 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 acquiring an additional 6,398 shares during the period. MetLife Investment Management LLC grew 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 acquiring an additional 8,281 shares during the period. Finally, Invesco Ltd. boosted its holdings in Rackspace Technology by 1.6% in the 4th quarter. Invesco Ltd. now owns 610,261 shares of the company’s stock worth $1,349,000 after buying an additional 9,825 shares during the last quarter. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

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.