Rackspace Technology (NASDAQ:RXT) Issues Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Rackspace Technology (NASDAQ:RXT) issued its quarterly earnings results on Thursday. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.02, Zacks reports. Rackspace Technology updated its Q1 2025 guidance to -0.090–0.070 EPS.

Rackspace Technology Price Performance

Rackspace Technology stock traded down $0.02 during mid-day trading on Thursday, hitting $2.88. 832,203 shares of the company’s stock traded hands, compared to its average volume of 812,482. The firm has a 50 day simple moving average of $2.50 and a two-hundred day simple moving average of $2.48. Rackspace Technology has a fifty-two week low of $1.45 and a fifty-two week high of $3.41. The stock has a market cap of $655.40 million, a price-to-earnings ratio of -0.83 and a beta of 2.04.

Analysts Set New Price Targets

Separately, Barclays upped their target price on shares of Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a research report on Monday, November 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $2.47.

Insider Buying and Selling at Rackspace Technology

In related news, CEO Amar Maletira sold 55,461 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $2.54, for a total value of $140,870.94. Following the transaction, the chief executive officer now owns 4,928,523 shares in the company, valued at approximately $12,518,448.42. This trade represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Dharmendra Kumar Sinha sold 88,548 shares of Rackspace Technology stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $2.67, for a total value of $236,423.16. Following the completion of the transaction, the executive vice president now owns 2,334,166 shares in the company, valued at approximately $6,232,223.22. This represents a 3.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 209,322 shares of company stock valued at $542,829 in the last quarter. 2.00% of the stock is currently owned by insiders.

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.