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Former Rackspace Technology (NASDAQ:RXT) Chief Executive Officer Amar Maletira, also listed as director, sold 1,780,619 shares of common stock on September 15, 2025, according to a Form 4 filing with the Securities and Exchange Commission. The cloud computing company, currently valued at $346 million, has shown significant price volatility this year, with shares down about 35% year-to-date according to InvestingPro data.
The shares were sold at a weighted average price of $1.35, for a total value of $2,403,835. The transactions occurred in multiple trades with prices ranging from $1.33 to $1.44
The sale was to cover tax withholding obligations related to the vesting of restricted stock units and was executed under a pre-arranged Rule 10b5-1 trading plan adopted on September 14, 2023
In other recent news, Rackspace Technology reported its second-quarter 2025 earnings, which showed a larger-than-expected loss per share. The company posted an earnings per share of -$0.06, missing the forecasted -$0.04. However, revenue slightly exceeded expectations, coming in at $666.3 million compared to the anticipated $661.96 million. BMO Capital lowered its price target for Rackspace Technology to $1.40 from $1.75, maintaining a Market Perform rating, citing the company’s June quarter performance as solid against low expectations.
Additionally, Rackspace Technology announced that Gajen Kandiah will take over as Chief Executive Officer effective September 3, 2025, succeeding Amar Maletira. In another development, director Shashank Samant resigned from the board, with the company noting there was no disagreement involved. Furthermore, Rackspace achieved the Amazon Web Services Automotive Competency designation, recognizing its expertise in delivering cloud solutions to the automotive sector. These developments highlight significant changes and achievements for Rackspace Technology.
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