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      Rackspace (RXT) Stock Slipped After Insider Selling

      By Fahim Awan

      Published on

      December 1, 2023

      12:28 PM UTC

      Rackspace (RXT) Stock Slipped After Insider Selling

      Rackspace Technology, Inc. (NASDAQ: RXT) witnessed a 7.35% decline in its stock during the last trading session, concluding at $1.26. The downturn in Rackspace stock price was precipitated by recent insider selling activities, as disclosed in a filing with the Securities and Exchange Commission on Thursday.

      Notably, two high-ranking executives at Rackspace, Executive Vice President and President of Public Cloud Dharmendra Kumar Sinha, and Chief Technology Officer Srini Koushik, divested company shares. Sinha liquidated 91,066 RXT shares at a per-share price of $1.28, generating gross proceeds of $116,564, while Koushik sold 20,445 shares at the same price, accumulating gross proceeds of $26,170.

      Contrastingly, amidst this market development, RXT achieved significant recognition by securing three 2023 Geo and Global AWS Partner Awards earlier this week. These prestigious awards, bestowed during the Partner Awards Gala at AWS re:Invent 2023, celebrate Rackspace’s leadership on a global scale in facilitating customer-driven innovation and solution-building on Amazon Web Services (AWS).

      Rackspace earned accolades as the Sustainability Partner of the Year NAMER, SI Partner of the Year North America (NAMER), and Education Partner of the Year, reflecting the company’s pivotal role among AWS Partners worldwide dedicated to driving innovation for clients. The Geo and Global AWS Partner Awards, presented annually, honor AWS Partners who have exhibited specialization, innovation, and collaboration in their business models over the past year.

      This recognition underscores Rackspace’s unwavering commitment to fostering innovation on the AWS platform and acknowledges the competence of its certified Rackers. These dedicated professionals contribute significantly to helping businesses achieve their desired outcomes by harnessing AWS’s agility, extensive service offerings, and rapid pace of innovation.

      These awards stand as a resounding validation of Rackspace’s dedication to advancing innovation within the AWS ecosystem. The AWS Education Partner of the Year award recognizes an organization that has delivered innovative mission-based wins in K-12 or higher education.

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