Rackspace Technology (RXT) to Release Quarterly Earnings on Thursday

Rackspace Technology (NASDAQ:RXT) will announce its earnings results after the market closes on Thursday, May 9th. Analysts expect the company to announce earnings of ($0.13) per share for the quarter. Rackspace Technology has set its Q1 guidance at ($0.14)-($0.12) EPS and its Q1 2024 guidance at -0.140–0.120 EPS.Persons that are interested in registering for the company’s earnings conference call can do so using this link.

Rackspace Technology (NASDAQ:RXT) last posted its earnings results on Tuesday, March 12th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. Rackspace Technology had a negative net margin of 28.33% and a negative return on equity of 10.18%. The company had revenue of $720.00 million during the quarter, compared to the consensus estimate of $714.74 million. During the same period in the previous year, the firm posted $0.06 earnings per share. The company’s revenue for the quarter was down 8.5% compared to the same quarter last year. On average, analysts expect Rackspace Technology to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Rackspace Technology Stock Down 0.5 %

Shares of RXT stock opened at $1.81 on Wednesday. The company has a market cap of $404.77 million, a PE ratio of -0.46 and a beta of 1.83. The business’s 50 day moving average is $1.74 and its two-hundred day moving average is $1.67. Rackspace Technology has a 12 month low of $1.05 and a 12 month high of $3.10.

Wall Street Analysts Forecast Growth

RXT has been the topic of several research analyst reports. Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 price target on shares of Rackspace Technology in a research report on Wednesday, March 13th. Evercore ISI dropped their target price on shares of Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating for the company in a research note on Wednesday, March 13th. BMO Capital Markets boosted their target price on shares of Rackspace Technology from $1.50 to $2.50 and gave the stock a “market perform” rating in a research note on Wednesday, March 13th. Finally, Raymond James lowered their price target on shares of Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating for the company in a research report on Wednesday, March 13th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, Rackspace Technology presently has a consensus rating of “Hold” and a consensus target price of $2.31.

Insider Buying and Selling at Rackspace Technology

In other Rackspace Technology news, CEO Amar Maletira sold 37,446 shares of the stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $1.92, for a total value of $71,896.32. Following the completion of the sale, the chief executive officer now owns 4,638,423 shares in the company, valued at $8,905,772.16. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

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.