Equities Analysts Offer Predictions for Rackspace Technology, Inc.’s Q2 2022 Earnings (NASDAQ:RXT)

Rackspace Technology, Inc. (NASDAQ:RXTGet Rating) – Analysts at Oppenheimer cut their Q2 2022 earnings per share estimates for Rackspace Technology in a research note issued on Tuesday, May 10th. Oppenheimer analyst T. Horan now forecasts that the company will post earnings of $0.16 per share for the quarter, down from their prior estimate of $0.21. Oppenheimer has a “Market Perform” rating on the stock. Oppenheimer also issued estimates for Rackspace Technology’s Q3 2022 earnings at $0.18 EPS, FY2022 earnings at $0.75 EPS and FY2023 earnings at $0.83 EPS.

Several other research firms have also recently weighed in on RXT. Raymond James raised shares of Rackspace Technology from a “market perform” rating to an “outperform” rating and set a $12.00 price target on the stock in a report on Wednesday. Royal Bank of Canada lowered their price target on Rackspace Technology from $24.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 23rd. Deutsche Bank Aktiengesellschaft downgraded Rackspace Technology from a “buy” rating to a “hold” rating and lowered their price target for the company from $21.00 to $9.00 in a research report on Wednesday, February 23rd. BMO Capital Markets downgraded Rackspace Technology from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $18.00 to $10.50 in a research report on Wednesday, February 23rd. Finally, Zacks Investment Research downgraded Rackspace Technology from a “hold” rating to a “sell” rating in a research report on Wednesday, April 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $15.68.

Rackspace Technology stock opened at $8.97 on Friday. Rackspace Technology has a fifty-two week low of $7.28 and a fifty-two week high of $21.50. The firm’s fifty day moving average price is $10.41 and its 200-day moving average price is $12.32. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.80.

Rackspace Technology (NASDAQ:RXTGet Rating) last released its quarterly earnings results on Tuesday, May 10th. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.01. The firm had revenue of $775.50 million for the quarter, compared to analysts’ expectations of $774.45 million. Rackspace Technology had a negative net margin of 6.30% and a positive return on equity of 14.94%. The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.23 earnings per share.

Several large investors have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. bought a new stake in shares of Rackspace Technology in the fourth quarter worth about $27,000. PNC Financial Services Group Inc. grew its stake in shares of Rackspace Technology by 693.1% in the first quarter. PNC Financial Services Group Inc. now owns 3,347 shares of the company’s stock worth $37,000 after purchasing an additional 2,925 shares during the last quarter. Macquarie Group Ltd. bought a new stake in shares of Rackspace Technology in the third quarter worth about $52,000. Nisa Investment Advisors LLC grew its stake in shares of Rackspace Technology by 447.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,650 shares of the company’s stock worth $58,000 after purchasing an additional 3,800 shares during the last quarter. Finally, CI Investments Inc. grew its stake in shares of Rackspace Technology by 36.4% in the first quarter. CI Investments Inc. now owns 7,500 shares of the company’s stock worth $84,000 after purchasing an additional 2,000 shares during the last quarter. 95.90% of the stock is currently owned by hedge funds and other institutional investors.

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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