Rackspace Technology (NASDAQ:RXT) Issues Q4 2024 Earnings Guidance

Rackspace Technology (NASDAQ:RXT) updated its fourth quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of -0.050–0.030 for the period, compared to the consensus earnings per share estimate of -0.070. The company issued revenue guidance of $668.0 million-$680.0 million, compared to the consensus revenue estimate of $675.1 million. Rackspace Technology also updated its Q4 guidance to $(0.05)-(0.03) EPS.

Rackspace Technology Stock Up 2.5 %

RXT stock traded up $0.07 during trading on Tuesday, hitting $2.86. The company had a trading volume of 1,533,102 shares, compared to its average volume of 1,089,621. The firm has a 50-day moving average price of $2.51 and a 200-day moving average price of $2.37. The stock has a market cap of $646.45 million, a price-to-earnings ratio of -0.77 and a beta of 1.97. Rackspace Technology has a 12 month low of $1.22 and a 12 month high of $3.18.

Analyst Upgrades and Downgrades

Separately, UBS Group boosted their price objective on shares of Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Rackspace Technology currently has an average rating of “Hold” and an average price target of $2.34.

Insiders Place Their Bets

In related news, CEO Amar Maletira sold 84,823 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $2.42, for a total transaction of $205,271.66. Following the sale, the chief executive officer now directly owns 5,158,399 shares of the company’s stock, valued at approximately $12,483,325.58. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 227,321 shares of company stock worth $542,103. 2.00% of the stock is currently owned by corporate insiders.

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.