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

Rackspace Technology (NASDAQ:RXTGet Free Report) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. 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 Trading Down 9.0 %

Rackspace Technology stock traded down $0.24 on Friday, reaching $2.42. 226,757 shares of the stock were exchanged, compared to its average volume of 1,104,148. The stock has a market cap of $550.72 million, a PE ratio of -0.76 and a beta of 1.97. The firm has a fifty day moving average price of $2.54 and a two-hundred day moving average price of $2.38. Rackspace Technology has a twelve month low of $1.22 and a twelve month high of $3.41.

Rackspace Technology (NASDAQ:RXTGet Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.04. The business had revenue of $675.80 million for the quarter, compared to the consensus estimate of $675.14 million. Rackspace Technology’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.04) EPS. Equities analysts anticipate that Rackspace Technology will post -0.32 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, UBS Group upped their target price on shares of Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a research note 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $2.34.

Read Our Latest Stock Analysis on RXT

Insiders Place Their Bets

In related news, CEO Amar Maletira sold 52,206 shares of the company’s stock in a transaction 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 directly owns 5,347,434 shares in the company, valued at approximately $12,566,469.90. This represents a 0.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last quarter, insiders sold 227,321 shares of company stock worth $542,103. 2.00% of the stock is currently owned by company insiders.

Rackspace Technology Company Profile

(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.

Featured Stories

Receive News & Ratings for Rackspace Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rackspace Technology and related companies with MarketBeat.com's FREE daily email newsletter.