Insider Selling: Rackspace Technology, Inc. (NASDAQ:RXT) Insider Sells $138,327.64 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) insider Srini Koushik sold 73,972 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $1.87, for a total value of $138,327.64. Following the sale, the insider now directly owns 935,114 shares of the company’s stock, valued at $1,748,663.18. The trade was a 7.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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 Price Performance

NASDAQ:RXT opened at $1.87 on Friday. The firm has a market cap of $425.55 million, a price-to-earnings ratio of -0.48 and a beta of 2.05. The firm’s fifty day moving average price is $2.48 and its 200 day moving average price is $2.48. Rackspace Technology, Inc. has a 1-year low of $1.45 and a 1-year high of $3.41.

Rackspace Technology (NASDAQ:RXT) last issued its 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 firm had revenue of $685.60 million during the quarter, compared to analysts’ expectations of $674.85 million.

Hedge Funds Weigh In On Rackspace Technology

A number of large investors have recently modified their holdings of RXT. Balyasny Asset Management L.P. purchased a new stake in shares of Rackspace Technology in the fourth quarter valued at approximately $36,000. MetLife Investment Management LLC boosted 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 worth $39,000 after purchasing an additional 8,281 shares in the last quarter. US Bancorp DE grew its stake in shares of Rackspace Technology by 10,766.2% during the 3rd quarter. US Bancorp DE now owns 16,408 shares of the company’s stock worth $40,000 after purchasing an additional 16,257 shares during the period. ProShare Advisors LLC increased its holdings in shares of Rackspace Technology by 50.6% in the 4th quarter. ProShare Advisors LLC now owns 19,030 shares of the company’s stock valued at $42,000 after purchasing an additional 6,398 shares in the last quarter. Finally, Aquatic Capital Management LLC acquired a new stake in shares of Rackspace Technology in the fourth quarter valued at about $45,000. 82.48% of the stock is owned by hedge funds and other 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.