BMO Capital Markets restated their market perform rating on shares of Red Hat, Inc. (NYSE:RHT) in a research note released on Tuesday. The brokerage currently has a $128.00 target price on the open-source software company’s stock, up from their prior target price of $107.00.
A number of other research analysts have also issued reports on RHT. Stifel Nicolaus raised shares of Red Hat from a hold rating to a buy rating and boosted their target price for the company from $83.00 to $115.00 in a research note on Wednesday, June 21st. Robert W. Baird boosted their target price on shares of Red Hat from $90.00 to $100.00 and gave the company a neutral rating in a research note on Wednesday, June 21st. Pacific Crest reduced their target price on shares of Red Hat from $115.00 to $97.00 and set an overweight rating for the company in a research note on Wednesday, June 21st. BTIG Research reduced their target price on shares of Red Hat from $120.00 to $95.00 and set a buy rating for the company in a research note on Wednesday, June 21st. Finally, Goldman Sachs Group, Inc. (The) boosted their target price on shares of Red Hat from $85.00 to $97.00 and gave the company a buy rating in a research note on Wednesday, June 21st. Ten equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $110.61.
Red Hat (NYSE:RHT) traded up 0.75% on Tuesday, reaching $110.41. 597,906 shares of the company traded hands. The company has a market capitalization of $19.59 billion, a P/E ratio of 75.62 and a beta of 1.24. Red Hat has a 12 month low of $68.54 and a 12 month high of $110.57. The company has a 50-day moving average price of $103.43 and a 200-day moving average price of $93.28.
Red Hat (NYSE:RHT) last posted its earnings results on Monday, September 25th. The open-source software company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 11.49% and a return on equity of 25.27%. Red Hat’s revenue was up 20.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.55 EPS. Equities research analysts expect that Red Hat will post $2.78 EPS for the current year.
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In related news, CEO James M. Whitehurst sold 12,000 shares of the company’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $95.70, for a total transaction of $1,148,400.00. Following the completion of the sale, the chief executive officer now directly owns 422,873 shares of the company’s stock, valued at approximately $40,468,946.10. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Delisa Alexander sold 2,444 shares of the company’s stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $98.25, for a total transaction of $240,123.00. Following the sale, the executive vice president now directly owns 41,570 shares of the company’s stock, valued at $4,084,252.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 40,081 shares of company stock valued at $3,878,714. 0.66% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of RHT. D.A. Davidson & CO. raised its stake in Red Hat by 6.8% during the 2nd quarter. D.A. Davidson & CO. now owns 1,071 shares of the open-source software company’s stock valued at $102,000 after purchasing an additional 68 shares during the last quarter. Clear Perspective Advisors LLC acquired a new position in Red Hat during the 2nd quarter valued at $112,000. Sun Life Financial INC raised its stake in Red Hat by 14,837.5% during the 2nd quarter. Sun Life Financial INC now owns 1,195 shares of the open-source software company’s stock valued at $114,000 after purchasing an additional 1,187 shares during the last quarter. Shine Investment Advisory Services Inc. acquired a new position in Red Hat during the 2nd quarter valued at $117,000. Finally, State of Alaska Department of Revenue acquired a new position in Red Hat during the 2nd quarter valued at $122,000. 94.00% of the stock is owned by institutional investors and hedge funds.
About Red Hat
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.
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