Insider Selling: Rackspace Technology, Inc. (NASDAQ:RXT) CFO Sells 20,217 Shares of Stock

Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) CFO Mark A. Marino sold 20,217 shares of the firm's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $1.87, for a total value of $37,805.79. Following the completion of the transaction, the chief financial officer now directly owns 1,917,446 shares of the company's stock, valued at approximately $3,585,624.02. This trade represents a 1.04 % 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.

Rackspace Technology Price Performance

RXT stock remained flat at $1.87 during midday trading on Friday. The company had a trading volume of 715,268 shares, compared to its average volume of 939,066. The firm has a market capitalization of $425.55 million, a price-to-earnings ratio of -0.48 and a beta of 2.05. Rackspace Technology, Inc. has a 52-week low of $1.45 and a 52-week high of $3.41. The stock's 50 day simple moving average is $2.48 and its 200-day simple moving average is $2.48.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last issued its earnings results on Thursday, February 20th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.02. The firm had revenue of $685.60 million during the quarter, compared to the consensus estimate of $674.85 million.

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Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Balyasny Asset Management L.P. bought a new position in shares of Rackspace Technology during the fourth quarter valued at $36,000. US Bancorp DE lifted its holdings in shares of 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 acquiring an additional 16,257 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of 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 acquiring an additional 8,281 shares during the period. ProShare Advisors LLC lifted its holdings in shares of Rackspace Technology by 50.6% during the fourth 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. Finally, Intech Investment Management LLC bought a new position in shares of Rackspace Technology during the third quarter valued at $50,000. 82.48% of the stock is owned by 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.