Rackspace Technology (NASDAQ:RXT) Posts Quarterly Earnings Results

Rackspace Technology (NASDAQ:RXT) announced its quarterly earnings results on Tuesday. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.04, Briefing.com reports. The firm had revenue of $675.80 million during the quarter, compared to analyst estimates of $675.14 million. During the same quarter in the prior year, the business earned ($0.04) EPS. The business’s revenue was down 7.7% compared to the same quarter last year. Rackspace Technology updated its Q4 guidance to $(0.05)-(0.03) EPS and its Q4 2024 guidance to -0.050–0.030 EPS.

Rackspace Technology Stock Performance

Shares of RXT stock opened at $3.03 on Thursday. Rackspace Technology has a fifty-two week low of $1.22 and a fifty-two week 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. The stock’s fifty day moving average price is $2.54 and its two-hundred day moving average price is $2.38.

Insider Buying and Selling

In other news, CEO Amar Maletira sold 52,206 shares of the firm’s stock in a transaction that occurred on 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 directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 227,321 shares of company stock worth $542,103 in the last ninety days. 2.00% of the stock is owned by insiders.

Analyst Ratings Changes

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

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.