Rackspace Technology (NASDAQ:RXT – Get Free Report) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of -0.050–0.030 for the period, compared to the consensus estimate of -0.070. The company issued revenue guidance of $668.0 million-$680.0 million, compared to the consensus revenue estimate of $675.1 million. Rackspace Technology also updated its Q4 guidance to $(0.05)-(0.03) EPS.
Analyst Upgrades and Downgrades
Separately, UBS Group raised their target price on shares of Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Rackspace Technology presently has a consensus rating of “Hold” and a consensus target price of $2.34.
Check Out Our Latest Stock Report on RXT
Rackspace Technology Stock Up 2.5 %
Insider Activity at Rackspace Technology
In related news, CEO Amar Maletira sold 52,206 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $2.35, for a total transaction of $122,684.10. Following the completion of the sale, the chief executive officer now owns 5,347,434 shares in the company, valued at $12,566,469.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 227,321 shares of company stock worth $542,103 over the last three months. Company insiders own 2.00% 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.
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