Rackspace Technology (NASDAQ:RXT) Releases Q4 Earnings Guidance

Rackspace Technology (NASDAQ:RXT) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $(0.05)-(0.03) for the period, compared to the consensus earnings per share estimate of ($0.05). The company issued revenue guidance of $668-680 million, compared to the consensus revenue estimate of $671.93 million. Rackspace Technology also updated its Q4 2024 guidance to -0.050–0.030 EPS.

Wall Street Analyst Weigh In

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

Rackspace Technology Price Performance

Shares of NASDAQ RXT opened at $3.03 on Thursday. The stock has a fifty day moving average price of $2.54 and a 200 day moving average price of $2.38. Rackspace Technology has a 1-year low of $1.22 and a 1-year high of $3.41. The company has a market cap of $684.87 million, a PE ratio of -0.87 and a beta of 1.97.

Rackspace Technology (NASDAQ:RXT) last released its earnings results on Tuesday, November 12th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.04. The firm had revenue of $675.80 million during the quarter, compared to analyst estimates of $675.14 million. During the same quarter last year, the business posted ($0.04) EPS. The firm’s revenue was down 7.7% on a year-over-year basis. Analysts anticipate that Rackspace Technology will post -0.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rackspace Technology news, CEO Amar Maletira sold 84,823 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $2.42, for a total value of $205,271.66. Following the completion of the sale, the chief executive officer now owns 5,158,399 shares of the company’s stock, valued at approximately $12,483,325.58. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have sold 227,321 shares of company stock worth $542,103. Company insiders own 2.00% 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.