Q2 2022 Earnings Estimate for Rackspace Technology, Inc. (NASDAQ:RXT) Issued By William Blair

Rackspace Technology, Inc. (NASDAQ:RXTGet Rating) – Analysts at William Blair dropped their Q2 2022 earnings per share (EPS) estimates for Rackspace Technology in a report issued on Tuesday, May 10th. William Blair analyst J. Breen now expects that the company will post earnings per share of $0.16 for the quarter, down from their previous forecast of $0.22. William Blair also issued estimates for Rackspace Technology’s Q3 2022 earnings at $0.19 EPS, Q4 2022 earnings at $0.23 EPS, FY2022 earnings at $0.79 EPS and FY2023 earnings at $1.04 EPS.

A number of other equities research analysts have also weighed in on the stock. Barclays reduced their target price on shares of Rackspace Technology from $17.00 to $10.00 in a report on Thursday, February 24th. BMO Capital Markets lowered shares of Rackspace Technology from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $18.00 to $10.50 in a report on Wednesday, February 23rd. Deutsche Bank Aktiengesellschaft lowered shares of Rackspace Technology from a “buy” rating to a “hold” rating and reduced their target price for the stock from $21.00 to $9.00 in a report on Wednesday, February 23rd. Citigroup reduced their target price on shares of Rackspace Technology from $16.00 to $13.00 in a report on Wednesday. Finally, Royal Bank of Canada reduced their target price on shares of Rackspace Technology from $24.00 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, February 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $15.68.

RXT stock opened at $8.17 on Thursday. Rackspace Technology has a 1 year low of $7.28 and a 1 year high of $21.50. The company has a debt-to-equity ratio of 2.80, a current ratio of 1.18 and a quick ratio of 1.18. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of -7.78, a P/E/G ratio of 1.05 and a beta of 0.80. The company has a 50 day simple moving average of $10.45 and a 200 day simple moving average of $12.35.

Rackspace Technology (NASDAQ:RXTGet Rating) last released its quarterly earnings data on Tuesday, May 10th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. The business had revenue of $775.50 million during the quarter, compared to analysts’ expectations of $774.45 million. Rackspace Technology had a negative net margin of 7.25% and a positive return on equity of 15.14%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.23 EPS.

A number of hedge funds and other institutional investors have recently modified their holdings of RXT. Bank of America Corp DE boosted its stake in Rackspace Technology by 156.0% during the second quarter. Bank of America Corp DE now owns 38,476 shares of the company’s stock worth $755,000 after acquiring an additional 23,448 shares in the last quarter. Morgan Stanley boosted its stake in Rackspace Technology by 22.8% during the second quarter. Morgan Stanley now owns 802,091 shares of the company’s stock worth $15,728,000 after acquiring an additional 148,800 shares in the last quarter. SG Americas Securities LLC bought a new position in Rackspace Technology during the third quarter worth $321,000. BlackRock Inc. boosted its stake in Rackspace Technology by 8.0% during the third quarter. BlackRock Inc. now owns 3,471,804 shares of the company’s stock worth $49,369,000 after acquiring an additional 257,208 shares in the last quarter. Finally, Allianz Asset Management GmbH bought a new position in Rackspace Technology during the third quarter worth $1,181,000. 95.90% of the stock is currently owned by institutional investors and hedge funds.

Rackspace Technology Company Profile (Get Rating)

Rackspace Technology, Inc operates as a multi cloud technology services company worldwide. It operates through Multicloud Services and Apps & Cross Platform segments. The company's Multicloud Services segment provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; and professional services related to designing and building multi cloud solutions and cloud-native applications.

Further Reading

Earnings History and Estimates for Rackspace Technology (NASDAQ:RXT)

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