Rackspace Technology (NASDAQ:RXT) Updates Q4 Earnings Guidance

Rackspace Technology (NASDAQ:RXT) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $(0.05)-(0.03) for the period, compared to the consensus estimate of ($0.05). The company issued revenue guidance of $668-680 million, compared to the consensus revenue estimate of $671.93 million.

Analysts Set New Price Targets

Separately, UBS Group raised their target price on shares of 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 assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $2.34.

Rackspace Technology Stock Up 2.5 %

Shares of NASDAQ:RXT traded up $0.07 during trading on Tuesday, hitting $2.86. 1,548,552 shares of the stock traded hands, compared to its average volume of 1,089,402. The company has a market cap of $646.45 million, a price-to-earnings ratio of -0.77 and a beta of 1.97. The company has a fifty day moving average price of $2.51 and a two-hundred day moving average price of $2.37. Rackspace Technology has a 52-week low of $1.22 and a 52-week high of $3.18.

Insider Transactions at Rackspace Technology

In other Rackspace Technology news, CEO Amar Maletira sold 84,823 shares of the company’s stock in a transaction dated 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 owns 5,158,399 shares in the company, valued at $12,483,325.58. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have sold 227,321 shares of company stock worth $542,103. 2.00% of the stock is currently owned by insiders.

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.