Rackspace Technology (NASDAQ:RXT – Get Rating) issued an update on its second quarter 2022 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.15-$0.17 for the period, compared to the consensus earnings per share estimate of $0.23. The company issued revenue guidance of $744.00 million-$752.00 million, compared to the consensus revenue estimate of $800.71 million.
NASDAQ:RXT opened at $9.21 on Tuesday. Rackspace Technology has a 1-year low of $7.28 and a 1-year high of $21.50. The company has a 50-day moving average of $10.36 and a 200 day moving average of $12.20. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 2.75.
Rackspace Technology (NASDAQ:RXT – Get Rating) last released its quarterly earnings data on Tuesday, May 10th. The company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. Rackspace Technology had a negative net margin of 6.30% and a positive return on equity of 14.99%. The company had revenue of $775.50 million during the quarter, compared to analyst estimates of $774.45 million. During the same period in the prior year, the firm earned $0.23 earnings per share. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, analysts expect that Rackspace Technology will post 0.75 EPS for the current fiscal year.
A number of large investors have recently modified their holdings of RXT. Bank of America Corp DE increased its holdings in Rackspace Technology by 156.0% in the 2nd quarter. Bank of America Corp DE now owns 38,476 shares of the company’s stock worth $755,000 after buying an additional 23,448 shares during the period. Morgan Stanley boosted its position in Rackspace Technology by 22.8% in the 2nd quarter. Morgan Stanley now owns 802,091 shares of the company’s stock worth $15,728,000 after purchasing an additional 148,800 shares in the last quarter. LPL Financial LLC boosted its position in Rackspace Technology by 30.7% in the 3rd quarter. LPL Financial LLC now owns 63,863 shares of the company’s stock worth $908,000 after purchasing an additional 15,007 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Rackspace Technology by 23.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 329,292 shares of the company’s stock worth $4,682,000 after purchasing an additional 61,838 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Rackspace Technology by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 424,534 shares of the company’s stock worth $5,719,000 after purchasing an additional 6,963 shares in the last quarter. Institutional investors own 95.90% of the company’s stock.
About Rackspace Technology (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.
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