Rackspace Technology (NASDAQ:RXT) Issues Earnings Results

Rackspace Technology (NASDAQ:RXT) released its quarterly earnings results on Tuesday. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.04, Briefing.com reports. The business had revenue of $675.80 million during the quarter, compared to analyst estimates of $675.14 million. The business’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.04) EPS. 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 Price Performance

Rackspace Technology stock opened at $3.22 on Wednesday. Rackspace Technology has a 12-month low of $1.22 and a 12-month high of $3.22. The stock has a market capitalization of $727.82 million, a P/E ratio of -0.77 and a beta of 1.97. The firm’s 50-day moving average is $2.52 and its two-hundred day moving average is $2.38.

Insider Activity at Rackspace Technology

In other Rackspace Technology news, CEO Amar Maletira sold 84,823 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 5,158,399 shares of the company’s stock, valued at $12,483,325.58. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last three months, insiders sold 227,321 shares of company stock worth $542,103. Corporate insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

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 note on Friday, August 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Rackspace Technology currently has an average rating of “Hold” and a consensus price target of $2.34.

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.