Rackspace Technology (RXT) to Release Quarterly Earnings on Thursday

Rackspace Technology (NASDAQ:RXT) is scheduled to be issuing its quarterly earnings data 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.Parties that wish to listen to the company’s conference call can do so using this link.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings data on Tuesday, March 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $720.00 million for the quarter, compared to the consensus estimate of $714.74 million. Rackspace Technology had a negative net margin of 28.33% and a negative return on equity of 10.18%. The firm’s revenue was down 8.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.06 earnings per share. 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 Trading Up 0.6 %

RXT opened at $1.73 on Thursday. The company has a market cap of $380.18 million, a price-to-earnings ratio of -0.44 and a beta of 1.94. The company’s 50 day moving average is $1.76 and its 200 day moving average is $1.66. Rackspace Technology has a 12-month low of $1.05 and a 12-month high of $3.10.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on RXT shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 price target on shares of Rackspace Technology in a report on Wednesday, March 13th. Evercore ISI lowered their price target on shares of Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating on the stock in a report on Wednesday, March 13th. Raymond James lowered their target price on shares of Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating on the stock in a report on Wednesday, March 13th. Finally, 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 report on Wednesday, March 13th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average 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 business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $1.92, for a total transaction of $71,896.32. Following the transaction, the chief executive officer now owns 4,638,423 shares in the company, valued at $8,905,772.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.00% of the company’s stock.

Rackspace Technology Company Profile

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.