Rackspace Technology (RXT) Set to Announce Earnings on Thursday

Rackspace Technology (NASDAQ:RXT) is scheduled to post its quarterly 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.Investors interested in participating in the company’s 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, beating analysts’ consensus estimates 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 analysts’ expectations of $714.74 million. During the same quarter in the prior year, the company posted $0.06 earnings per share. Rackspace Technology’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 Price Performance

NASDAQ:RXT opened at $1.82 on Tuesday. Rackspace Technology has a 52 week low of $1.05 and a 52 week high of $3.10. The firm has a 50 day moving average of $1.74 and a 200 day moving average of $1.67.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on RXT shares. BMO Capital Markets increased their target price on shares of Rackspace Technology from $1.50 to $2.50 and gave the company a “market perform” rating in a research report on Wednesday, March 13th. Evercore ISI decreased their price target on shares of Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating for the company in a report on Wednesday, March 13th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $3.00 price target on shares of Rackspace Technology in a report on Wednesday, March 13th. Finally, Raymond James decreased their price target on shares of Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating for the company in a report on Wednesday, March 13th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $2.31.

Insider Activity at Rackspace Technology

In related news, CEO Amar Maletira sold 37,446 shares of the firm’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 sale, 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 SEC, which can be accessed through this link. 1.00% of the stock is owned by company 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.