Insider Selling: Rackspace Technology, Inc. (NASDAQ:RXT) CEO Sells 38,355 Shares of Stock

Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) CEO Amar Maletira sold 38,355 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $2.37, for a total value of $90,901.35. Following the completion of the transaction, the chief executive officer now directly owns 4,890,168 shares of the company's stock, valued at approximately $11,589,698.16. The trade was a 0.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Rackspace Technology Price Performance

NASDAQ:RXT traded down $0.13 during trading hours on Monday, reaching $2.06. 1,006,906 shares of the stock were exchanged, compared to its average volume of 1,000,654. The stock has a market cap of $468.79 million, a PE ratio of -0.53 and a beta of 2.05. Rackspace Technology, Inc. has a twelve month low of $1.45 and a twelve month high of $3.41. The firm has a 50 day moving average of $2.54 and a 200 day moving average of $2.50.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last announced 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 business had revenue of $685.60 million for the quarter, compared to analyst estimates of $674.85 million.

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Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Creative Planning acquired a new stake in shares of Rackspace Technology in the 3rd quarter valued at approximately $29,000. Balyasny Asset Management L.P. acquired a new stake in Rackspace Technology in the fourth quarter valued at $36,000. MetLife Investment Management LLC grew its position in shares of Rackspace Technology by 89.4% in 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. US Bancorp DE increased 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 last quarter. Finally, ProShare Advisors LLC raised 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 during the period. 82.48% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Barclays lifted their price target on shares of Rackspace Technology from $1.00 to $2.00 and gave the company an "underweight" rating in a research note on Monday, November 18th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $2.47.

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.