Jefferies Group Equities Analysts Reduce Earnings Estimates for Red Hat, Inc. (RHT)

Red Hat, Inc. (NYSE:RHT) – Equities research analysts at Jefferies Group dropped their Q3 2018 earnings per share (EPS) estimates for Red Hat in a research note issued on Monday. Jefferies Group analyst J. Difucci now anticipates that the open-source software company will post earnings of $0.49 per share for the quarter, down from their prior estimate of $0.53. Jefferies Group currently has a “Hold” rating and a $100.00 target price on the stock. Jefferies Group also issued estimates for Red Hat’s Q4 2018 earnings at $0.54 EPS, FY2018 earnings at $2.00 EPS, Q2 2019 earnings at $0.65 EPS, Q3 2019 earnings at $0.60 EPS, Q4 2019 earnings at $0.66 EPS and FY2019 earnings at $2.37 EPS.

A number of other research analysts have also issued reports on RHT. Robert W. Baird reiterated a “hold” rating on shares of Red Hat in a report on Tuesday. Deutsche Bank AG reiterated a “buy” rating and issued a $120.00 target price (up from $110.00) on shares of Red Hat in a report on Tuesday. Barclays PLC lifted their target price on Red Hat from $120.00 to $122.00 and gave the company an “overweight” rating in a report on Tuesday. Wells Fargo & Company reaffirmed an “outperform” rating and set a $124.00 price target (up from $120.00) on shares of Red Hat in a report on Wednesday. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $115.00 price target on shares of Red Hat in a report on Wednesday, September 20th. Ten investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Red Hat currently has a consensus rating of “Buy” and a consensus price target of $110.61.

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Shares of Red Hat (RHT) traded down 0.09% on Thursday, reaching $109.82. The company had a trading volume of 519,322 shares. Red Hat has a 52 week low of $68.54 and a 52 week high of $110.37. The company has a market capitalization of $19.49 billion, a P/E ratio of 75.22 and a beta of 1.24. The company has a 50 day moving average of $103.43 and a 200-day moving average of $93.28. Red Hat also was the recipient of some unusual options trading on Monday. Stock traders purchased 13,756 call options on the company. This represents an increase of 604% compared to the average daily volume of 1,955 call options.

Red Hat (NYSE:RHT) last released its quarterly earnings results on Monday, September 25th. The open-source software company reported $0.77 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.10. The firm had revenue of $723.60 million during the quarter, compared to analyst estimates of $699.56 million. Red Hat had a return on equity of 25.27% and a net margin of 11.49%. The business’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.55 EPS.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. US Bancorp DE increased its position in Red Hat by 1.0% during the 2nd quarter. US Bancorp DE now owns 84,508 shares of the open-source software company’s stock worth $8,091,000 after purchasing an additional 870 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Red Hat by 17.6% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 576,206 shares of the open-source software company’s stock worth $55,172,000 after acquiring an additional 86,292 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Red Hat by 6.9% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,104 shares of the open-source software company’s stock worth $1,481,000 after acquiring an additional 1,100 shares in the last quarter. Northwestern Mutual Investment Management Company LLC boosted its stake in shares of Red Hat by 1,271.7% during the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 494,347 shares of the open-source software company’s stock worth $35,890,000 after acquiring an additional 458,307 shares in the last quarter. Finally, Hillview Capital Advisors LLC purchased a new stake in shares of Red Hat during the 2nd quarter worth approximately $345,000. Institutional investors own 94.00% of the company’s stock.

In other Red Hat news, Director William S. Kaiser sold 4,006 shares of the business’s stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $96.43, for a total transaction of $386,298.58. Following the transaction, the director now owns 91,808 shares in the company, valued at approximately $8,853,045.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Eric Ryan Shander sold 1,521 shares of the business’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $99.98, for a total value of $152,069.58. Following the transaction, the chief financial officer now owns 9,913 shares in the company, valued at approximately $991,101.74. The disclosure for this sale can be found here. Insiders have sold a total of 44,087 shares of company stock worth $4,265,012 in the last quarter. 0.66% of the stock is currently owned by insiders.

Red Hat Company Profile

Red Hat, Inc (Red Hat) provides open source software solutions, using a community-powered approach to develop and offer operating system, virtualization, management, middleware, cloud, mobile and storage technologies. Red Hat operates through three geographical segments: the Americas, including the United States, Canada and Latin America; EMEA, including Europe, Middle East and Africa, and Asia Pacific.

Earnings History and Estimates for Red Hat (NYSE:RHT)




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