Rackspace Technology, Inc. (NASDAQ:RXT) CEO Amar Maletira Sells 521,840 Shares

Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) CEO Amar Maletira sold 521,840 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 $975,840.80. Following the completion of the transaction, the chief executive officer now directly owns 4,368,328 shares of the company's stock, valued at approximately $8,168,773.36. The trade was a 10.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Amar Maletira also recently made the following trade(s):

• On Monday, March 3rd, Amar Maletira sold 38,355 shares of Rackspace Technology stock. The shares were sold at an average price of $2.37, for a total value of $90,901.35.

Rackspace Technology Stock 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 business has a fifty day moving average of $2.48 and a 200-day moving average of $2.48. Rackspace Technology, Inc. has a 12-month low of $1.45 and a 12-month high of $3.41. The stock has a market cap of $425.55 million, a P/E ratio of -0.48 and a beta of 2.05.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates 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 Investors Weigh In On Rackspace Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. Balyasny Asset Management L.P. acquired a new stake in shares of Rackspace Technology in the 4th quarter valued at $36,000. MetLife Investment Management LLC increased its stake 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 buying an additional 8,281 shares during the period. US Bancorp DE boosted its position in shares of Rackspace Technology by 10,766.2% in 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. ProShare Advisors LLC boosted its position 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 worth $42,000 after purchasing an additional 6,398 shares during the last quarter. Finally, Aquatic Capital Management LLC bought a new position in shares of Rackspace Technology in the 4th quarter worth $45,000. 82.48% of the stock is owned by institutional investors and hedge funds.

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.