Rackspace Technology (NASDAQ:RXT) issues Q3 2022 earnings guidance.

Rackspace Technology (NASDAQ:RXT – Get Rating ) updated its Q3 2022 earnings guidance on Monday. The company provided EPS guidance of $0.08-$0.10 for the period, compared to the consensus EPS estimate of $0.09. The company posted revenue guidance of $769.00 million to $779.00 million, compared to the consensus estimate of $773.19 million.

Analysts set new price targets

A number of analysts recently weighed in on RXT shares. JPMorgan Chase & Co. cut shares of Rackspace Technology from a neutral rating to an underperform rating and cut their target price for the stock from $7.00 to $5.00 in a research note on Tuesday, August 16th. Raymond James lowered shares of Rackspace Technology from an outperform rating to a market perform rating in a research note on Wednesday, August 10th. Credit Suisse Group cut their target price on shares of Rackspace Technology from $12.00 to $10.00 and set an outperform rating for the company in a research note on Wednesday, August 10th. Royal Bank of Canada cut shares of Rackspace Technology from an outperform rating to a sector perform rating and reduced their target price for the stock from $9.00 to $7.00 in a research note on Thursday, August 11th. Finally, William Blair lowered shares of Rackspace Technology from an outperform rating to a market perform rating in a research note on Wednesday, August 10th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. The company has an average rating of Hold and an average price target of $9.10, according to MarketBeat.com.

Rackspace Technology Stock Performance

Shares of RXT 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 posted its earnings results on Tuesday, August 9th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.01. Rackspace Technology had a negative net margin of 6.37% and a positive return on equity of 14.07%. The firm had revenue of $772.20 million during the quarter, compared to the consensus estimate of $784.72 million. During the same period last year, the firm reported $0.17 EPS. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, analysts forecast that Rackspace Technology will post 0.55 earnings per share for the current year.

Institutional investors weigh in on Rackspace Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the company. First Trust Advisors LP boosted its holdings in shares of Rackspace Technology by 3.0% in the first quarter. First Trust Advisors LP now owns 17,086,436 shares of the company’s stock valued at $190,685,000 after purchasing an additional 498,198 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Rackspace Technology by 0.9% in the first quarter. Mackenzie Financial Corp now owns 7,197,859 shares of the company’s stock valued at $80,328,000 after acquiring an additional 66,423 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Rackspace Technology by 54.2% in the first quarter. Vanguard Group Inc. now owns 5,291,508 shares of the company’s stock valued at $59,054,000 after acquiring an additional 1,860,141 shares in the last quarter. Legal & General Group Plc raised its position in shares of Rackspace Technology by 6.7% in the second quarter. Legal & General Group Plc now owns 2,778,590 shares of the company’s stock valued at $19,923,000 after acquiring an additional 173,522 shares in the last quarter. Finally, Rice Hall James & Associates LLC boosted its position in shares of Rackspace Technology by 8.9% in the first quarter. Rice Hall James & Associates LLC now owns 2,731,145 shares of the company’s stock valued at $30,480,000 after acquiring an additional 222,187 shares in the last 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. 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 that enable customers to define, manage and optimize the right infrastructure, platforms and services; and professional services related to the design and construction of multi-cloud solutions and cloud applications.

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Rackspace Technology (NASDAQ:RXT) Earnings History and Forecasts

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