Shares of Red Hat, Inc. (NYSE:RHT) have received an average recommendation of “Buy” from the thirty-three ratings firms that are covering the stock, Marketbeat Ratings reports. Nine equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $99.26.
RHT has been the subject of a number of research analyst reports. Zacks Investment Research upgraded Red Hat from a “hold” rating to a “strong-buy” rating and set a $101.00 price objective for the company in a report on Tuesday, May 2nd. BTIG Research reduced their price objective on Red Hat from $120.00 to $95.00 and set a “buy” rating for the company in a report on Wednesday, June 21st. Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $96.00 price objective (up previously from $94.00) on shares of Red Hat in a report on Wednesday, May 10th. Sanford C. Bernstein initiated coverage on Red Hat in a report on Wednesday, May 24th. They set a “market perform” rating and a $102.00 price objective for the company. Finally, Rosenblatt Securities restated a “buy” rating and set a $112.00 price objective (up previously from $95.00) on shares of Red Hat in a report on Thursday, June 22nd.
In related news, EVP Delisa Alexander sold 2,444 shares of the business’s stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $98.25, for a total value of $240,123.00. Following the sale, the executive vice president now owns 41,570 shares of the company’s stock, valued at $4,084,252.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Eric Ryan Shander sold 1,521 shares of the business’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $99.98, for a total transaction of $152,069.58. Following the completion of the sale, the chief financial officer now directly owns 9,913 shares in the company, valued at approximately $991,101.74. The disclosure for this sale can be found here. In the last three months, insiders sold 130,549 shares of company stock worth $12,133,438. 0.66% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of RHT. Robeco Institutional Asset Management B.V. boosted its stake in shares of Red Hat by 453.9% in the second quarter. Robeco Institutional Asset Management B.V. now owns 37,951 shares of the open-source software company’s stock valued at $3,634,000 after buying an additional 31,100 shares in the last quarter. Penserra Capital Management LLC boosted its stake in shares of Red Hat by 13.0% in the second quarter. Penserra Capital Management LLC now owns 2,288 shares of the open-source software company’s stock valued at $219,000 after buying an additional 264 shares in the last quarter. Intrust Bank NA acquired a new stake in shares of Red Hat during the second quarter valued at $244,000. Paradigm Asset Management Co. LLC purchased a new stake in shares of Red Hat during the second quarter worth approximately $172,000. Finally, Schaper Benz & Wise Investment Counsel Inc. WI purchased a new stake in shares of Red Hat during the second quarter worth approximately $359,000. 94.27% of the stock is currently owned by institutional investors.
Red Hat (RHT) opened at 98.88 on Friday. Red Hat has a 12-month low of $68.54 and a 12-month high of $101.72. The firm has a 50-day moving average price of $96.44 and a 200 day moving average price of $87.29. The firm has a market cap of $17.55 billion, a PE ratio of 67.73 and a beta of 1.26.
Red Hat (NYSE:RHT) last issued its quarterly earnings data on Tuesday, June 20th. The open-source software company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.03. Red Hat had a return on equity of 22.84% and a net margin of 10.54%. The company had revenue of $677 million during the quarter, compared to analysts’ expectations of $647.42 million. During the same quarter in the previous year, the company posted $0.50 earnings per share. The business’s revenue was up 19.2% on a year-over-year basis. Equities research analysts forecast that Red Hat will post $2.66 EPS for the current year.
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.
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