Analysts predict that Rackspace Technology, Inc. (NASDAQ:RXT) will report $740.81 million in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have made estimates for Rackspace Technology’s earnings, with the highest sales estimate coming in at $742.47 million and the lowest estimate coming in at $738.70 million. Rackspace Technology posted sales of $656.50 million during the same quarter last year, which suggests a positive year-over-year growth rate of 12.8%. The company is scheduled to issue its next earnings results on Monday, August 30th.
According to Zacks, analysts expect that Rackspace Technology will report full-year sales of $3.03 billion for the current fiscal year, with estimates ranging from $2.99 billion to $3.05 billion. For the next financial year, analysts expect that the company will post sales of $3.36 billion, with estimates ranging from $3.25 billion to $3.48 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Rackspace Technology.
Rackspace Technology (NASDAQ:RXT) last announced its earnings results on Monday, May 10th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.21 by $0.02. The firm had revenue of $725.90 million during the quarter, compared to the consensus estimate of $724.67 million. During the same quarter last year, the business earned $0.16 EPS. The business’s revenue was up 11.2% compared to the same quarter last year.
Several research firms have recently issued reports on RXT. Oppenheimer began coverage on shares of Rackspace Technology in a report on Monday, January 25th. They set an “outperform” rating and a $28.00 price objective on the stock. Zacks Investment Research downgraded shares of Rackspace Technology from a “hold” rating to a “sell” rating in a report on Thursday, May 13th. William Blair began coverage on shares of Rackspace Technology in a report on Wednesday, March 31st. They set an “outperform” rating on the stock. Finally, Raymond James raised shares of Rackspace Technology from an “outperform” rating to a “strong-buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $27.95.
Shares of NASDAQ:RXT traded up $0.28 on Monday, hitting $20.43. 500,763 shares of the company were exchanged, compared to its average volume of 2,033,883. The company’s 50 day moving average price is $23.77 and its two-hundred day moving average price is $21.10. Rackspace Technology has a one year low of $15.25 and a one year high of $26.43. The company has a debt-to-equity ratio of 2.75, a quick ratio of 1.18 and a current ratio of 1.18.
In other Rackspace Technology news, CTO Tolga Tarhan sold 30,705 shares of Rackspace Technology stock in a transaction on Thursday, May 13th. The stock was sold at an average price of $18.23, for a total value of $559,752.15. Following the completion of the transaction, the chief technology officer now owns 76,578 shares in the company, valued at approximately $1,396,016.94. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Thomas Wolf sold 19,999 shares of Rackspace Technology stock in a transaction on Monday, March 1st. The shares were sold at an average price of $20.66, for a total value of $413,179.34. Following the completion of the sale, the senior vice president now directly owns 28,191 shares of the company’s stock, valued at $582,426.06. The disclosure for this sale can be found here. Insiders bought 14,798 shares of company stock valued at $274,954 in the last quarter.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Braun Stacey Associates Inc. acquired a new stake in shares of Rackspace Technology in the 1st quarter valued at $13,832,000. LGT Capital Partners LTD. increased its stake in shares of Rackspace Technology by 3.0% in the 4th quarter. LGT Capital Partners LTD. now owns 345,000 shares of the company’s stock valued at $6,576,000 after buying an additional 10,000 shares during the period. Signaturefd LLC acquired a new stake in shares of Rackspace Technology in the 4th quarter valued at $26,000. Boston Partners increased its stake in shares of Rackspace Technology by 19.3% in the 4th quarter. Boston Partners now owns 5,407,729 shares of the company’s stock valued at $103,071,000 after buying an additional 875,863 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Rackspace Technology by 1.8% in the 4th quarter. Northern Trust Corp now owns 444,279 shares of the company’s stock valued at $8,467,000 after buying an additional 7,647 shares during the period. 78.32% of the stock is owned by institutional investors.
Rackspace Technology Company Profile
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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