Analysts Expect Rackspace Technology, Inc. (NASDAQ:RXT) to Announce $0.22 Earnings Per Share


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Equities analysts forecast that Rackspace Technology, Inc. (NASDAQ:RXT) will post earnings of $0.22 per share for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Rackspace Technology’s earnings. The highest EPS estimate is $0.23 and the lowest is $0.21. The company is scheduled to report its next earnings report on Thursday, May 20th.

On average, analysts expect that Rackspace Technology will report full year earnings of $1.01 per share for the current year, with EPS estimates ranging from $0.99 to $1.03. For the next fiscal year, analysts forecast that the business will post earnings of $1.23 per share, with EPS estimates ranging from $1.13 to $1.28. Zacks’ EPS calculations are a mean average based on a survey of research analysts that follow Rackspace Technology.

Rackspace Technology (NASDAQ:RXT) last issued its earnings results on Thursday, February 18th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $716.20 million for the quarter, compared to the consensus estimate of $706.66 million.

A number of brokerages have issued reports on RXT. William Blair began coverage on shares of Rackspace Technology in a report on Wednesday, March 31st. They set an “outperform” rating on the stock. Oppenheimer started coverage on shares of Rackspace Technology in a research report on Monday, January 25th. They set an “outperform” rating and a $28.00 price target for the company. Finally, Zacks Investment Research lowered shares of Rackspace Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, February 23rd. One equities research analyst has rated the stock with a sell rating and eleven have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $27.90.

RXT stock traded down $0.33 during midday trading on Friday, reaching $25.18. 678,995 shares of the company’s stock traded hands, compared to its average volume of 2,249,828. The company has a 50-day moving average price of $22.91 and a two-hundred day moving average price of $20.11. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 2.75. Rackspace Technology has a 52 week low of $15.25 and a 52 week high of $26.43.

In other news, EVP Holly B. Windham sold 106,917 shares of the stock in a transaction that occurred on Monday, February 1st. The shares were sold at an average price of $22.11, for a total transaction of $2,363,934.87. Following the sale, the executive vice president now owns 126,616 shares in the company, valued at $2,799,479.76. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Thomas Wolf sold 19,999 shares of the stock in a transaction that occurred on Monday, March 1st. The shares were sold at an average price of $20.66, for a total transaction of $413,179.34. Following the sale, the senior vice president now owns 28,191 shares in the company, valued at approximately $582,426.06. The disclosure for this sale can be found here. In the last 90 days, insiders sold 237,725 shares of company stock worth $5,253,148.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RXT. State Street Corp bought a new stake in shares of Rackspace Technology during the 3rd quarter valued at $9,767,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Rackspace Technology during the 3rd quarter valued at $666,000. JPMorgan Chase & Co. bought a new stake in shares of Rackspace Technology during the 3rd quarter valued at $276,000. Charles Schwab Investment Management Inc. bought a new stake in shares of Rackspace Technology during the 3rd quarter valued at $4,216,000. Finally, Truist Financial Corp bought a new stake in shares of Rackspace Technology during the 3rd quarter valued at $2,950,000. Institutional investors and hedge funds own 78.32% of the company’s stock.

About Rackspace Technology

Rackspace Technology, Inc operates as a multi cloud technology services company worldwide. It operates through Multicloud Services and Apps & Cross Platform segments. The company's Multicloud Services segment provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; and professional services related to designing and building multi cloud solutions and cloud-native applications.

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