Rackspace Technology (NASDAQ:RXT) Issues Q4 Earnings Guidance

Rackspace Technology (NASDAQ:RXT) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $(0.05)-(0.03) for the period, compared to the consensus EPS 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.

Rackspace Technology Price Performance

NASDAQ RXT opened at $2.86 on Wednesday. The company’s fifty day moving average is $2.52 and its two-hundred day moving average is $2.38. Rackspace Technology has a 52-week low of $1.22 and a 52-week high of $3.18. The firm has a market capitalization of $646.45 million, a price-to-earnings ratio of -0.77 and a beta of 1.97.

Wall Street Analysts Forecast Growth

Separately, UBS Group raised their price objective on Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a research report on Friday, August 16th. One equities 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 MarketBeat.com, Rackspace Technology presently has a consensus rating of “Hold” and a consensus target price of $2.34.

Insider Transactions at Rackspace Technology

In other news, CEO Amar Maletira sold 52,206 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $2.35, for a total value of $122,684.10. Following the sale, the chief executive officer now owns 5,347,434 shares of the company’s stock, valued at approximately $12,566,469.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 227,321 shares of company stock valued at $542,103. Corporate insiders own 2.00% of the company’s stock.

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.