Rackspace Technology (NASDAQ:RXT – Get Rating) updated its earnings guidance for the third quarter of 2022 on Monday. The company offered his EPS guidance of $0.08 to $0.10, compared to a consensus EPS estimate of $0.09. The company issued earnings guidance of $769 million to $779 million, compared to a consensus earnings estimate of $773.19 million.
Rackspace Technology (NASDAQ:RXT – Get Rating) updated its earnings guidance for the third quarter of 2022 on Monday. The company offered his EPS guidance of $0.08 to $0.10, compared to a consensus EPS estimate of $0.09. The company issued earnings guidance of $769 million to $779 million, compared to a consensus earnings estimate of $773.19 million. Analyst sets new price target
Recently, many analysts have focused their attention on the RXT stock. JPMorgan Chase & Co. lowered its rating on Rackspace Technology stock from neutral to underweight and lowered its price target on the stock to $5.00 from $7.00 in its research notes on Tuesday, Aug. 16. . Raymond James downgraded Rackspace Technology’s shares from an outperforming rating to a rating of his performance in the market on Wednesday, Aug. 10, in a research note. Credit Suisse Group lowered its price target on Rackspace Technology stock from his $12.00 to his $10.00, setting it above the company in its Wednesday, Aug. 10 research notes. Royal Bank of Canada downgraded Rackspace Technology’s stock from its Outperform Rating to his Sector Performance Rating and lowered its share price target from his $9.00 to his $7.00 in a Research His note on Thursday, Aug. I was. Finally, William Blair downgraded Rackspace Technology’s stock from an outperform rating to a market performance rating in a research note on Wednesday, Aug. 10. Two of his analysts rated the stock with a sell rating, seven assigned a hold rating, and two issued a buy rating to the company. According to MarketBeat.com data, the company has an average valuation of Hold and an average target price of $9.10.
Stock Performance of Rackspace Technology
RXT shares opened at $4.42 on Monday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt to equity ratio of 2.83. The company has a 50-day simple moving average of $5.32 and a 200-day simple moving average of $7.45. Rackspace Technology has a 52-week low of $4.02 and a 52-week high of $18.50.
Rackspace Technology (NASDAQ:RXT – Get Rating) last reported earnings on Tuesday, August 9th. The company posted his earnings per share of $0.17 for the quarter, beating consensus expectations of $0.16 by $0.01. Rackspace Technology’s net profit margin was negative 6.37% and return on equity was positive 14.07%. The company’s revenue for the quarter was $772.2 million, compared to consensus expectations of $784.72 million. During the same period last year, the company recorded his EPS of $0.17. The company’s quarterly revenue increased 3.8% year-over-year. On average, analysts expect Rackspace Technology to generate earnings per share of 0.55 for the current year.
Institutional investors are considering Rackspace technology
A number of hedge funds and other institutional investors have recently changed their stakes in the company. First Trust Advisors LP increased his stake in Rackspace Technology by 3.0% in the first quarter. First Trust Advisors LP owns 17,086,436 shares of the company worth $190.685 million after purchasing an additional 498,198 of his shares last quarter. Mackenzie Financial Corp boosted his Rackspace Technology stock position by 0.9% in the first quarter. Mackenzie Financial Corp now owns 7,197,859 shares worth $80,328,000 after acquiring an additional 66,423 shares during the previous quarter. Vanguard Group Inc. increased his Rackspace Technology stock position by 54.2% in the first quarter. Vanguard Group Inc. now owns 5,291,508 shares of the company after acquiring an additional 1,860,141 shares during the previous quarter. Legal & General Group Plc boosted its position in Rackspace Technology shares by 6.7% in the second quarter. Legal & General Group Plc now owns 2,778,590 shares worth $19,923,000 after acquiring an additional 173,522 shares during the previous quarter. Finally, Rice Hall James & Associates LLC increased its position in Rackspace Technology stock by 8.9% in the first quarter. Rice Hall James & Associates LLC now owns 2,731,145 shares worth $30,480,000 after acquiring an additional 222,187 shares during the previous quarter. 88.15% of the shares are currently owned by hedge funds and other institutional investors.
About Rackspace Technology
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Rackspace Technology, Inc is a multi-cloud technology services company with global operations. It operates through multi-cloud services and apps and cross-platform segments. The company’s Multicloud Services segment provides public and private cloud managed services. This allows customers to determine, manage and optimize the right infrastructure, platform and services. Professional services related to designing and building multi-cloud solutions and cloud-native applications.
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