First Mercantile Trust Co. reduced its position in shares of Red Hat, Inc. (NYSE:RHT) by 52.7% during the second quarter, Holdings Channel reports. The firm owned 10,549 shares of the open-source software company’s stock after selling 11,772 shares during the period. First Mercantile Trust Co.’s holdings in Red Hat were worth $1,010,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. CENTRAL TRUST Co raised its position in Red Hat by 8.2% in the first quarter. CENTRAL TRUST Co now owns 1,839 shares of the open-source software company’s stock worth $159,000 after buying an additional 139 shares during the period. Gulf International Bank UK Ltd raised its position in Red Hat by 1.5% in the first quarter. Gulf International Bank UK Ltd now owns 55,005 shares of the open-source software company’s stock worth $4,757,000 after buying an additional 800 shares during the period. National Pension Service raised its position in Red Hat by 3.0% in the first quarter. National Pension Service now owns 161,028 shares of the open-source software company’s stock worth $13,836,000 after buying an additional 4,692 shares during the period. Bank of Montreal Can raised its position in Red Hat by 0.4% in the first quarter. Bank of Montreal Can now owns 194,562 shares of the open-source software company’s stock worth $16,828,000 after buying an additional 807 shares during the period. Finally, Bremer Trust National Association acquired a new position in Red Hat during the first quarter worth $332,000. 94.27% of the stock is owned by hedge funds and other institutional investors.
Shares of Red Hat, Inc. (RHT) opened at 98.34 on Friday. Red Hat, Inc. has a 52 week low of $68.54 and a 52 week high of $101.73. The stock has a market cap of $17.45 billion, a price-to-earnings ratio of 67.36 and a beta of 1.26. The stock’s 50 day moving average price is $97.93 and its 200-day moving average price is $88.38.
Red Hat (NYSE:RHT) last released its quarterly earnings results 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. The firm had revenue of $677 million for the quarter, compared to the consensus estimate of $647.42 million. Red Hat had a return on equity of 22.84% and a net margin of 10.54%. The firm’s quarterly revenue was up 19.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.50 EPS. Equities analysts anticipate that Red Hat, Inc. will post $2.66 earnings per share for the current fiscal year.
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RHT has been the subject of a number of recent research reports. Zacks Investment Research raised shares of Red Hat from a “hold” rating to a “strong-buy” rating and set a $101.00 target price for the company in a report on Tuesday, May 2nd. Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $96.00 target price (up from $94.00) on shares of Red Hat in a report on Wednesday, May 10th. Sanford C. Bernstein initiated coverage on shares of Red Hat in a report on Wednesday, May 24th. They issued a “market perform” rating and a $102.00 target price for the company. Stifel Nicolaus raised shares of Red Hat from a “hold” rating to a “buy” rating and raised their target price for the company from $83.00 to $115.00 in a report on Wednesday, June 21st. Finally, BMO Capital Markets raised their target price on shares of Red Hat from $90.00 to $107.00 and gave the company a “market perform” rating in a report on Wednesday, June 21st. Nine equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $98.72.
In related news, CFO Eric Ryan Shander sold 1,521 shares of Red Hat 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 sale, the chief financial officer now directly owns 9,913 shares in the company, valued at $991,101.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Paul J. Cormier sold 30,000 shares of Red Hat stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $90.35, for a total value of $2,710,500.00. Following the completion of the sale, the executive vice president now owns 249,578 shares in the company, valued at $22,549,372.30. The disclosure for this sale can be found here. Insiders sold a total of 130,549 shares of company stock worth $12,133,438 over the last quarter. Company insiders own 0.66% of the company’s stock.
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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