Rackspace Technology (NASDAQ:RXT) Issues 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 Trading Up 2.5 %

NASDAQ:RXT traded up $0.07 during trading hours on Tuesday, hitting $2.86. 1,533,102 shares of the company were exchanged, compared to its average volume of 1,089,621. Rackspace Technology has a one year low of $1.22 and a one year high of $3.18. The company has a fifty day simple moving average of $2.51 and a 200 day simple moving average of $2.37. The stock has a market capitalization of $646.45 million, a price-to-earnings ratio of -0.77 and a beta of 1.97.

Analyst Upgrades and Downgrades

Separately, UBS Group increased their price objective 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 analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $2.34.

Read Our Latest Stock Analysis on Rackspace Technology

Insider Buying and Selling at Rackspace Technology

In related news, CEO Amar Maletira sold 84,823 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $2.42, for a total value of $205,271.66. Following the sale, the chief executive officer now owns 5,158,399 shares in the company, valued at approximately $12,483,325.58. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders sold 227,321 shares of company stock valued at $542,103. 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.

Further Reading

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