Rackspace Technology (NASDAQ:RXT) Issues Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Rackspace Technology (NASDAQ:RXT - Get Free Report) issued its quarterly earnings results on Thursday. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.02, Zacks reports. Rackspace Technology updated its Q1 2025 guidance to -0.090--0.070 EPS.

Rackspace Technology Price Performance

Rackspace Technology stock traded down $0.02 during mid-day trading on Thursday, hitting $2.88. 832,203 shares of the company's stock traded hands, compared to its average volume of 812,482. The firm has a 50 day simple moving average of $2.50 and a two-hundred day simple moving average of $2.48. Rackspace Technology has a fifty-two week low of $1.45 and a fifty-two week high of $3.41. The stock has a market cap of $655.40 million, a price-to-earnings ratio of -0.83 and a beta of 2.04.

Analysts Set New Price Targets

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

Insider Buying and Selling at Rackspace Technology

In related news, CEO Amar Maletira sold 55,461 shares of the firm's stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $2.54, for a total value of $140,870.94. Following the transaction, the chief executive officer now owns 4,928,523 shares in the company, valued at approximately $12,518,448.42. This trade represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Dharmendra Kumar Sinha sold 88,548 shares of Rackspace Technology stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $2.67, for a total value of $236,423.16. Following the completion of the transaction, the executive vice president now owns 2,334,166 shares in the company, valued at approximately $6,232,223.22. This represents a 3.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 209,322 shares of company stock valued at $542,829 in the last quarter. 2.00% of the stock is currently owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.