Srini Koushik Sells 73,972 Shares of Rackspace Technology, Inc. (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) insider Srini Koushik sold 73,972 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $1.87, for a total value of $138,327.64. Following the completion of the sale, the insider now directly owns 935,114 shares of the company’s stock, valued at approximately $1,748,663.18. This represents a 7.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible 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 Stock Performance

Shares of Rackspace Technology stock opened at $1.87 on Friday. Rackspace Technology, Inc. has a 1 year low of $1.45 and a 1 year high of $3.41. The stock has a 50-day moving average price of $2.49 and a 200 day moving average price of $2.48. The company 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) last posted its quarterly earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. The firm had revenue of $685.60 million for the quarter, compared to analysts’ expectations of $674.85 million.

Institutional Investors Weigh In On Rackspace Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its stake in shares of Rackspace Technology by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 595,860 shares of the company’s stock worth $1,317,000 after purchasing an additional 5,136 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Rackspace Technology by 24.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,807 shares of the company’s stock worth $60,000 after purchasing an additional 5,214 shares in the last quarter. ProShare Advisors LLC raised its stake 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 in the last quarter. MetLife Investment Management LLC raised 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 acquiring an additional 8,281 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Rackspace Technology by 1.6% in the 4th quarter. Invesco Ltd. now owns 610,261 shares of the company’s stock valued at $1,349,000 after acquiring an additional 9,825 shares in the last quarter. 82.48% of the stock is owned by hedge funds and other 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.