Rackspace Technology, Inc. (NASDAQ:RXT) Shares Sold by CastleKnight Management LP

CastleKnight Management LP cut its stake in Rackspace Technology, Inc. (NASDAQ:RXT - Free Report) by 7.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,391,147 shares of the company's stock after selling 280,545 shares during the period. CastleKnight Management LP owned 1.49% of Rackspace Technology worth $7,494,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of RXT. Barclays PLC boosted its stake in Rackspace Technology by 86.1% in the 3rd quarter. Barclays PLC now owns 109,997 shares of the company's stock worth $270,000 after purchasing an additional 50,896 shares during the period. SG Americas Securities LLC lifted its position in shares of Rackspace Technology by 64.7% during the 4th quarter. SG Americas Securities LLC now owns 56,778 shares of the company's stock valued at $125,000 after acquiring an additional 22,311 shares during the period. Empower Advisory Group LLC purchased a new stake in shares of Rackspace Technology during the fourth quarter valued at approximately $85,000. Charles Schwab Investment Management Inc. grew its position in shares of Rackspace Technology by 0.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 595,860 shares of the company's stock valued at $1,317,000 after purchasing an additional 5,136 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Rackspace Technology in the 4th quarter worth $855,000. 82.48% of the stock is owned by institutional investors and hedge funds.

Rackspace Technology Price Performance

Shares of NASDAQ:RXT opened at $1.40 on Tuesday. Rackspace Technology, Inc. has a 12 month low of $1.24 and a 12 month high of $3.41. The firm has a market capitalization of $332.34 million, a P/E ratio of -0.36 and a beta of 2.14. The company's fifty day moving average price is $1.69 and its 200 day moving average price is $2.24.

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

Insider Transactions at Rackspace Technology

In other Rackspace Technology news, CFO Mark A. Marino sold 202,230 shares of the business's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $2.61, for a total transaction of $527,820.30. Following the completion of the sale, the chief financial officer now directly owns 1,713,126 shares in the company, valued at approximately $4,471,258.86. The trade was a 10.56 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Amar Maletira sold 38,355 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $2.37, for a total transaction of $90,901.35. Following the completion of the transaction, the chief executive officer now directly owns 4,890,168 shares in the company, valued at $11,589,698.16. This trade represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,154,204 shares of company stock worth $2,384,960. Corporate insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Barclays decreased their target price on Rackspace Technology from $2.00 to $1.00 and set an "underweight" rating on the stock in a report on Friday, April 25th.

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.

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