Rackspace Technology (NASDAQ:RXT) Releases Q4 2024 Earnings Guidance

Rackspace Technology (NASDAQ:RXT) issued an update on its fourth quarter 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of -0.050–0.030 for the period, compared to the consensus earnings per share estimate of -0.040. The company issued revenue guidance of $668.0 million-$680.0 million, compared to the consensus revenue estimate of $674.9 million.

Wall Street Analysts Forecast Growth

Separately, Barclays lifted their target price on Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a research report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $2.47.

Rackspace Technology Stock Up 3.3 %

RXT stock opened at $2.47 on Friday. The firm’s fifty day simple moving average is $2.44 and its 200-day simple moving average is $2.46. Rackspace Technology has a 12 month low of $1.45 and a 12 month high of $3.41.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.03. The company had revenue of $675.80 million for the quarter, compared to analyst estimates of $675.14 million. Rackspace Technology’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.04) earnings per share. On average, equities analysts anticipate that Rackspace Technology will post -0.27 EPS for the current fiscal year.

Insider Activity

In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 88,548 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $2.67, for a total transaction of $236,423.16. Following the completion of the transaction, the executive vice president now directly owns 2,334,166 shares in the company, valued at approximately $6,232,223.22. This represents a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Anthony C. Roberts acquired 19,455 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average price of $2.60 per share, for a total transaction of $50,583.00. Following the completion of the acquisition, the director now owns 161,930 shares in the company, valued at $421,018. The trade was a 13.66 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 194,864 shares of company stock valued at $508,997 in the last three months. 2.00% of the stock is currently owned by corporate insiders.

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.