Rackspace Technology (NASDAQ:RXT – Get Rating) issued an update on its third quarter 2022 earnings guidance on Monday morning. The company provided earnings per share guidance of $0.08-$0.10 for the period, compared to the consensus earnings per share estimate of $0.09. The company issued revenue guidance of $769.00 million-$779.00 million, compared to the consensus revenue estimate of $773.19 million.

Rackspace Technology Stock Performance

RXT opened at $4.26 on Wednesday. The stock's 50-day moving average price is $5.65 and its 200 day moving average price is $7.84. Rackspace Technology has a 12-month low of $4.19 and a 12-month high of $18.50. The company has a debt-to-equity ratio of 2.83, a current ratio of 1.23 and a quick ratio of 1.23.

Rackspace Technology (NASDAQ:RXT – Get Rating) last posted its earnings results on Tuesday, August 9th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.01. Rackspace Technology had a positive return on equity of 14.07% and a negative net margin of 6.37%. The firm had revenue of $772.20 million for the quarter, compared to analyst estimates of $784.72 million. During the same quarter in the prior year, the company earned $0.17 EPS. Rackspace Technology's revenue was up 3.8% on a year-over-year basis. As a group, research analysts expect that Rackspace Technology will post 0.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Institutional Trading of Rackspace Technology

Large investors have recently made changes to their positions in the company. Point72 Hong Kong Ltd boosted its position in shares of Rackspace Technology by 144.4% in the 2nd quarter. Point72 Hong Kong Ltd now owns 4,831 shares of the company's stock valued at $35,000 after purchasing an additional 2,854 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Rackspace Technology by 693.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,347 shares of the company's stock valued at $37,000 after purchasing an additional 2,925 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Rackspace Technology in the 1st quarter valued at about $79,000. Prelude Capital Management LLC acquired a new stake in Rackspace Technology during the 2nd quarter worth approximately $204,000. Finally, Credit Suisse AG lifted its position in Rackspace Technology by 29.0% during the 2nd quarter. Credit Suisse AG now owns 38,216 shares of the company's stock worth $274,000 after acquiring an additional 8,587 shares during the period. 88.15% of the stock is owned by institutional investors and hedge funds.

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, 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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