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

Rackspace Technology (NASDAQ:RXTGet Free Report) updated its fourth quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of -0.050–0.030 for the period, compared to the consensus EPS 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 traded up $0.07 during trading on Tuesday, hitting $2.86. 1,533,102 shares of the stock were exchanged, compared to its average volume of 1,089,621. The stock has a fifty day moving average price of $2.51 and a two-hundred day moving average price of $2.37. Rackspace Technology has a 1-year low of $1.22 and a 1-year high of $3.18. The firm has a market capitalization of $646.45 million, a P/E ratio of -0.77 and a beta of 1.97.

Analyst Ratings Changes

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

View Our Latest Report on RXT

Insider Transactions at Rackspace Technology

In other news, CEO Amar Maletira sold 52,206 shares of Rackspace Technology stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $2.35, for a total value of $122,684.10. Following the completion of the transaction, the chief executive officer now owns 5,347,434 shares in the company, valued at approximately $12,566,469.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 227,321 shares of company stock valued at $542,103 over the last quarter. Company insiders own 2.00% of the company’s stock.

About Rackspace Technology

(Get Free Report)

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.

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