Wall Street brokerages expect that Rackspace Technology, Inc. (NASDAQ:RXT – Get Rating) will post earnings per share (EPS) of $0.16 for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for Rackspace Technology’s earnings. Rackspace Technology posted earnings of $0.24 per share during the same quarter last year, which would indicate a negative year-over-year growth rate of 33.3%. The business is expected to issue its next quarterly earnings results on Monday, January 1st.
According to Zacks, analysts expect that Rackspace Technology will report full year earnings of $0.75 per share for the current fiscal year, with EPS estimates ranging from $0.71 to $0.79. For the next year, analysts anticipate that the business will report earnings of $1.03 per share, with EPS estimates ranging from $0.83 to $1.27. Zacks’ earnings per share calculations are a mean average based on a survey of analysts that follow Rackspace Technology.
Rackspace Technology (NASDAQ:RXT – Get Rating) last issued its quarterly earnings results on Tuesday, May 10th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. Rackspace Technology had a positive return on equity of 14.99% and a negative net margin of 6.30%. The business had revenue of $775.50 million during the quarter, compared to analyst estimates of $774.45 million. During the same quarter in the prior year, the business posted $0.23 EPS. Rackspace Technology’s revenue for the quarter was up 6.8% compared to the same quarter last year.
A number of equities research analysts have issued reports on the company. BMO Capital Markets lowered Rackspace Technology from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $18.00 to $10.50 in a research note on Wednesday, February 23rd. Deutsche Bank Aktiengesellschaft downgraded shares of Rackspace Technology from a “buy” rating to a “hold” rating and dropped their price objective for the company from $21.00 to $9.00 in a report on Wednesday, February 23rd. Citigroup dropped their price objective on shares of Rackspace Technology from $16.00 to $13.00 in a report on Wednesday, May 11th. Zacks Investment Research raised shares of Rackspace Technology from a “sell” rating to a “hold” rating in a report on Friday. Finally, Oppenheimer downgraded shares of Rackspace Technology from an “outperform” rating to a “market perform” rating in a report on Friday, April 8th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $15.68.
Shares of RXT stock opened at $9.44 on Friday. Rackspace Technology has a 52-week low of $7.28 and a 52-week high of $21.50. The company has a debt-to-equity ratio of 2.75, a quick ratio of 1.23 and a current ratio of 1.23. The firm has a market capitalization of $1.99 billion, a PE ratio of -10.26, a PEG ratio of 1.25 and a beta of 0.80. The stock has a fifty day simple moving average of $10.06 and a two-hundred day simple moving average of $11.89.
Several large investors have recently made changes to their positions in RXT. Bank of America Corp DE lifted its holdings in shares of Rackspace Technology by 156.0% in the 2nd quarter. Bank of America Corp DE now owns 38,476 shares of the company’s stock valued at $755,000 after acquiring an additional 23,448 shares during the last quarter. Morgan Stanley lifted its stake in Rackspace Technology by 22.8% in the second quarter. Morgan Stanley now owns 802,091 shares of the company’s stock worth $15,728,000 after purchasing an additional 148,800 shares during the last quarter. BlackRock Inc. lifted its stake in Rackspace Technology by 8.0% in the third quarter. BlackRock Inc. now owns 3,471,804 shares of the company’s stock worth $49,369,000 after purchasing an additional 257,208 shares during the last quarter. Allianz Asset Management GmbH bought a new stake in Rackspace Technology in the third quarter worth about $1,181,000. Finally, Goldman Sachs Group Inc. lifted its stake in Rackspace Technology by 144.6% in the third quarter. Goldman Sachs Group Inc. now owns 122,693 shares of the company’s stock worth $1,745,000 after purchasing an additional 72,524 shares during the last quarter. 95.90% of the stock is owned by hedge funds and other institutional investors.
Rackspace Technology Company Profile (Get Rating)
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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