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

Rackspace Technology (NASDAQ:RXT) updated its fourth quarter 2024 earnings guidance on Tuesday. 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.

Wall Street Analysts Forecast Growth

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 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $2.34.

Rackspace Technology Trading Up 0.7 %

NASDAQ:RXT opened at $3.05 on Thursday. The stock has a 50 day simple moving average of $2.54 and a 200 day simple moving average of $2.38. Rackspace Technology has a 1-year low of $1.22 and a 1-year high of $3.41. The stock has a market cap of $689.39 million, a P/E ratio of -0.87 and a beta of 1.97.

Rackspace Technology (NASDAQ:RXT) last announced its earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.04. The business had revenue of $675.80 million during the quarter, compared to the consensus estimate of $675.14 million. During the same period in the previous year, the firm posted ($0.04) EPS. The company’s revenue was down 7.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Rackspace Technology will post -0.32 EPS for the current year.

Insider Activity

In other news, CEO Amar Maletira sold 84,823 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $2.42, for a total transaction of $205,271.66. Following the sale, the chief executive officer now directly owns 5,158,399 shares of the company’s stock, valued at approximately $12,483,325.58. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 227,321 shares of company stock worth $542,103. Corporate insiders own 2.00% of the company’s stock.

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.