Rackspace Technology (RXT)
Rackspace Technology is a leading end-to-end multicloud technology services company. The company can design, build and operate its customers' cloud environments across all major technology platforms, irrespective of technology stack or deployment model. Rackspace partners with its customers at every stage of their cloud journey, enabling them to modernize applications, build new products and adopt innovative technologies.
Company profile
Ticker
RXT
Exchange
Website
CEO
Kevin Jones
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Alphabet • Meta Platforms • IHS Markit • Sabre • IAC InterActiveCorp. • Baidu • Bumble • Twitter • Match • Cyxtera ...
Former names
Rackspace Corp.
SEC CIK
Corporate docs
Subsidiaries
Adapt Services Limited • Bright Skies GmbH • Centric Telecom Limited • Datapipe Asia Limited • Datapipe Europe Limited • Datapipe Israel Limited • Datapipe Singapore Pte Ltd • Datapipe, Inc. • Drake Merger Sub II, LLC • Elinia Webservices Limited ...
IRS number
813369925
RXT stock data
News
12 Information Technology Stocks Moving In Thursday's After-Market Session
12 May 22
Where Rackspace Tech Stands With Analysts
11 May 22
Benzinga's Top Ratings Upgrades, Downgrades For May 11, 2022
11 May 22
Credit Suisse Maintains Outperform on Rackspace Tech, Lowers Price Target to $15
11 May 22
RBC Capital Maintains Outperform on Rackspace Tech, Lowers Price Target to $16
11 May 22
Press releases
Global IT Leaders Wrestling with Cloud Transformation Talent Shortages, According to New Rackspace Technology Research
17 May 22
Rackspace Technology Reports First Quarter 2022 Results; Company Evaluating Strategic Alternatives
10 May 22
Rackspace Technology Joins NVIDIA DGX-Ready Managed Services Program
9 May 22
Rackspace Technology Named a Top 15 Sourcing Standout by ISG
27 Apr 22
Rackspace Technology Named Winner of North America VMware 2022 Partner Lifecycle Services Award
19 Apr 22
Analyst ratings and price targets
Current price
Average target
$12.58
Low target
$9.00
High target
$16.00
Credit Suisse
Maintains
$15.00
RBC Capital
Maintains
$16.00
Citigroup
Maintains
$13.00
Raymond James
Upgraded
$12.00
Deutsche Bank
Downgraded
$9.00
BMO Capital
Downgraded
$10.50
Calendar
10 May 22
17 May 22
31 Dec 22
Financial summary
| Quarter (USD) | Mar 22 | Dec 21 | Sep 21 | Jun 21 | |
|---|---|---|---|---|---|
| Revenue | |||||
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| Operating income | |||||
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| Change in cash | |||||
| Diluted EPS |
| Annual (USD) | Dec 21 | Dec 20 | |
|---|---|---|---|
| Revenue | |||
| Cost of revenue | |||
| Operating income | |||
| Operating margin | |||
| Net income | |||
| Net profit margin | |||
| Cash on hand | |||
| Change in cash | |||
| Diluted EPS |
| Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
|---|---|---|---|---|---|---|
| Cash on hand (at last report) | 271.6M | 271.6M | 271.6M | 271.6M | 271.6M | 271.6M |
| Cash burn (monthly) | 1.27M | (no burn) | 10.97M | 17.59M | (no burn) | (no burn) |
| Cash used (since last report) | 1.97M | n/a | 17.05M | 27.36M | n/a | n/a |
| Cash remaining | 269.63M | n/a | 254.55M | 244.24M | n/a | n/a |
| Runway (months of cash) | 212.9 | n/a | 23.2 | 13.9 | n/a | n/a |
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Recent insider trades
| Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
|---|---|---|---|---|---|---|---|---|---|---|
| 26 Apr 22 | Kevin M. Jones | Common Stock, par value $0.01 per share | Payment of exercise | Dispose F | No | No | 10.0198 | 56,093 | 562.04K | 2,222,483 |
| 20 Apr 22 | Subroto Mukerji | Common Stock, par value $0.01 | Payment of exercise | Dispose F | No | No | 10.52 | 8,648 | 90.98K | 454,024 |
| 31 Mar 22 | Mitchell Alan Garber | Common Stock, par value $0.01 | Grant | Acquire A | No | No | 0 | 2,778 | 0 | 18,497 |
| 22 Mar 22 | Srini Koushik | Common Stock, par value $0.01 | Grant | Acquire A | No | No | 0 | 65,828 | 0 | 199,914 |
| 22 Mar 22 | Gregory S. Hrncir | Common Stock, par value $0.01 per share | Grant | Acquire A | No | No | 0 | 47,020 | 0 | 89,488 |
Institutional ownership, Q4 2021
| 13F holders | Current |
|---|---|
| Total holders | 134 |
| Opened positions | 29 |
| Closed positions | 27 |
| Increased positions | 52 |
| Reduced positions | 36 |
| 13F shares | Current |
|---|---|
| Total value | 5.6B |
| Total shares | 353.05M |
| Total puts | 473.5K |
| Total calls | 355.5K |
| Total put/call ratio | 1.3 |
| Largest owners | Shares | Value |
|---|---|---|
| Apollo Management Holdings GP | 129.61M | $2.47B |
| Apollo Management | 129.61M | $1.75B |
| Abry Partners | 22.25M | $423.99M |
| First Trust Advisors | 16.59M | $223.44M |
| First Trust Portfolios | 16.57M | $223.21M |
| MKFCF Mackenzie Financial | 7.13M | $96.06M |
| BLK Blackrock | 3.69M | $49.69M |
| Vanguard | 3.43M | $46.22M |
| RY Royal Bank Of Canada | 2.79M | $37.64M |
| Rice Hall James & Associates | 2.51M | $33.8M |
Financial report summary
?Management Discussion
- We discuss our historical results of operations, and the key components of those results, below. Past financial results are not necessarily indicative of future results.
- NM = not meaningful.
- Revenue increased $50 million, or 6.8%, to $776 million in the three months ended March 31, 2022 from $726 million in the three months ended March 31, 2021. Revenue was positively impacted by new customer acquisition and growing customer spend in our Multicloud Services segment, as discussed below.
Content analysis
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H.S. senior Avg
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New words:
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Removed:
accrue, accumulating, amending, annualized, annualizing, ARR, beneficiary, British, buy, call, capable, clarifying, collar, conform, consistent, contact, continuing, contracted, coverage, declaring, deliver, delivered, depend, differentiation, disruption, diverse, downgraded, efficacy, Euro, executed, expansion, extended, face, factor, final, globally, health, impairment, investor, IPO, maturity, method, Mexican, minimum, Onica, operational, optimizing, Organization, outbreak, perform, permitting, peso, policy, positive, pound, predetermined, predicted, prevention, profitability, projected, projection, purpose, put, range, receivable, receive, reducing, release, remotely, renewed, repaid, repayment, revision, safe, safety, Searchlight, separately, settlement, Simplifying, spending, SPV, sterling, strain, summarize, technological, testing, Topic, trend, ultimate, updated, upgrading, vehicle, vendor, wholly, workload, World
Financial reports
Current reports
8-K
Rackspace Technology Reports First Quarter 2022 Results; Company Evaluating Strategic Alternatives
10 May 22
8-K
Other Events
3 Mar 22
8-K
Rackspace Technology Reports Fourth Quarter and Full Year 2021 Results; Record Quarterly New Sales Bookings of $329 Million
22 Feb 22
8-K
Departure of Directors or Certain Officers
14 Feb 22
8-K
Rackspace Technology Reports Third Quarter 2021 Results
15 Nov 21
8-K
Departure of Directors or Certain Officers
4 Nov 21
8-K
Rackspace Technology Appoints Shashank Samant to Board of Directors
19 Oct 21
8-K
Departure of Directors or Certain Officers
25 Aug 21
8-K
Rackspace Technology Reports Second Quarter 2021 Results
11 Aug 21
8-K
Rackspace Technology to Make $65-$70 million Investment in Growth Businesses; Increases Financial Guidance for the Second Quarter Of 2021
22 Jul 21
Registration and prospectus
424B4
Prospectus supplement with pricing info
5 Aug 20
S-8
Registration of securities for employees
4 Aug 20
8-A12B
Registration of securities on exchange
3 Aug 20
S-1/A
IPO registration (amended)
20 Jul 20
S-1
IPO registration
10 Jul 20
DRS/A
Draft registration statement (amended)
17 Jun 20
DRSLTR
Correspondence regarding draft registration statement
17 Jun 20
DRS
Draft registration statement
5 May 20
Other
UPLOAD
Letter from SEC
16 Dec 21
CORRESP
Correspondence with SEC
15 Dec 21
UPLOAD
Letter from SEC
5 Dec 21
EFFECT
Notice of effectiveness
5 Aug 20
CERT
Certification of approval for exchange listing
3 Aug 20
CORRESP
Correspondence with SEC
2 Aug 20
CORRESP
Correspondence with SEC
22 Jul 20
CORRESP
Correspondence with SEC
19 Jul 20
UPLOAD
Letter from SEC
16 Jul 20
CORRESP
Correspondence with SEC
9 Jul 20
Ownership
4
Rackspace Technology / Kevin M. Jones ownership change
27 Apr 22
4
Rackspace Technology / Subroto Mukerji ownership change
21 Apr 22
4
Rackspace Technology / Mitchell Alan Garber ownership change
1 Apr 22
4/A
Rackspace Technology / Amar Maletira ownership change
28 Mar 22
4
Rackspace Technology / Subroto Mukerji ownership change
25 Mar 22
4
Rackspace Technology / Neil Emerson ownership change
25 Mar 22
4
Rackspace Technology / Mark A. Marino ownership change
25 Mar 22
4
Rackspace Technology / Kevin M. Jones ownership change
25 Mar 22
4
Rackspace Technology / Casey L. Shilling ownership change
25 Mar 22
4
Rackspace Technology / Martin H. Blackburn ownership change
25 Mar 22
Transcripts
2022 Q1
Earnings call transcript
11 May 22
2021 Q4
Earnings call transcript
23 Feb 22
2021 Q3
Earnings call transcript
16 Nov 21
2021 Q2
Earnings call transcript
12 Aug 21
2021 Q1
Earnings call transcript
11 May 21
2020 Q4
Earnings call transcript
19 Feb 21
2020 Q3
Earnings call transcript
10 Nov 20
2020 Q3
Earnings call transcript
10 Nov 20
2020 Q2
Earnings call transcript
1 Sep 20
Reddit threads
Daily Discussion Thread - May 10th, 2022
10 May 22
Daily Discussion Thread - May 9th, 2022
9 May 22
Advice on stocks
18 Mar 22
Here's Your Daily Market Brief For February 23rd
23 Feb 22
Here's Your Daily Market Brief For February 23rd
23 Feb 22
Daily Discussion Thread - February 22nd, 2022
22 Feb 22
Daily Discussion Thread - February 21st, 2022
21 Feb 22
Most anticipated earnings releases for the week beginning February 21, 2021
19 Feb 22
Some implied moves for #earnings next week - 934 companies reporting:
18 Feb 22
Announcements x Daily Discussion for Tuesday, February 08, 2022
8 Feb 22