Rackspace Technology (NASDAQ:RXT) Releases Q4 Earnings Guidance

Rackspace Technology (NASDAQ:RXT) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $(0.05)-(0.03) for the period, compared to the consensus earnings per share estimate of ($0.05). The company issued revenue guidance of $668-680 million, compared to the consensus revenue estimate of $671.93 million.

Wall Street Analysts Forecast Growth

Separately, UBS Group upped their price objective on Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a research note on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Rackspace Technology currently has a consensus rating of “Hold” and a consensus price target of $2.34.

Rackspace Technology Price Performance

Shares of NASDAQ:RXT traded up $0.07 on Tuesday, hitting $2.86. 1,548,552 shares of the company’s stock were exchanged, compared to its average volume of 1,089,402. The business’s 50 day simple moving average is $2.51 and its two-hundred day simple moving average is $2.37. Rackspace Technology has a 12 month low of $1.22 and a 12 month high of $3.18. The stock has a market capitalization of $646.45 million, a price-to-earnings ratio of -0.77 and a beta of 1.97.

Insider Transactions at Rackspace Technology

In related news, CEO Amar Maletira sold 84,823 shares of Rackspace Technology stock in a transaction on Monday, September 30th. The stock was sold at an average price of $2.42, for a total transaction of $205,271.66. Following the completion of the transaction, the chief executive officer now directly owns 5,158,399 shares of the company’s stock, valued at approximately $12,483,325.58. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last ninety days, insiders sold 227,321 shares of company stock valued at $542,103. 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.