Insider Selling: Rackspace Technology, Inc. (NASDAQ:RXT) EVP Sells 176,374 Shares of Stock

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 176,374 shares of the company’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 directly owns 2,117,455 shares of the company’s stock, valued at approximately $3,959,640.85. This trade represents a 7.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

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 transaction of $41,427.60.

Rackspace Technology Stock Performance

Shares of RXT stock opened at $1.87 on Friday. The company has a market cap of $425.55 million, a price-to-earnings ratio of -0.48 and a beta of 2.05. The stock has a 50 day simple moving average of $2.48 and a 200-day simple moving average of $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 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 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

Several hedge funds have recently made changes to their positions in RXT. Balyasny Asset Management L.P. acquired a new position in shares of Rackspace Technology during the fourth quarter worth about $36,000. US Bancorp DE raised its stake in Rackspace Technology by 10,766.2% during the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after buying an additional 16,257 shares in the last quarter. MetLife Investment Management LLC raised its stake in Rackspace Technology by 89.4% during the fourth 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. ProShare Advisors LLC raised 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 worth $42,000 after purchasing an additional 6,398 shares during the period. Finally, Intech Investment Management LLC acquired a new stake in shares of Rackspace Technology during the 3rd quarter worth approximately $50,000. 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.