Rackspace Technology, Inc. (NASDAQ:RXT) CEO Sells $975,840.80 in Stock

Rackspace Technology, Inc. (NASDAQ:RXT) CEO Amar Maletira sold 521,840 shares of Rackspace Technology stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $1.87, for a total value of $975,840.80. Following the completion of the sale, the chief executive officer now directly owns 4,368,328 shares in the company, valued at approximately $8,168,773.36. This represents a 10.67 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

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

Rackspace Technology stock traded up $0.02 during midday trading on Wednesday, reaching $1.87. The stock had a trading volume of 3,815,720 shares, compared to its average volume of 944,922. The firm’s fifty day simple moving average is $2.50 and its 200-day simple moving average is $2.48. Rackspace Technology, Inc. has a 1-year low of $1.45 and a 1-year high of $3.41. The stock has a market capitalization of $425.55 million, a P/E ratio of -0.48 and a beta of 2.05.

Rackspace Technology (NASDAQ:RXT) last announced its earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. The firm had revenue of $685.60 million during the quarter, compared to analyst estimates of $674.85 million.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RXT. US Bancorp DE increased its position 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. GSA Capital Partners LLP acquired a new position in shares of Rackspace Technology during the 3rd quarter worth approximately $412,000. Intech Investment Management LLC acquired a new position in shares of Rackspace Technology during the 3rd quarter worth approximately $50,000. Charles Schwab Investment Management Inc. increased its position in shares of Rackspace Technology by 7.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 590,724 shares of the company’s stock worth $1,447,000 after purchasing an additional 41,697 shares during the last quarter. Finally, FMR LLC increased its position in shares of Rackspace Technology by 437.5% during the 3rd quarter. FMR LLC now owns 31,154 shares of the company’s stock worth $76,000 after purchasing an additional 25,358 shares during the last quarter. Institutional investors and hedge funds own 82.48% of the company’s stock.

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.