Turner Investments LLC purchased a new position in Red Hat, Inc. (NYSE:RHT) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 22,000 shares of the open-source software company’s stock, valued at approximately $2,107,000. Red Hat makes up approximately 1.4% of Turner Investments LLC’s portfolio, making the stock its 7th largest position.
Several other hedge funds also recently added to or reduced their stakes in RHT. Bronfman E.L. Rothschild L.P. increased its stake in Red Hat by 1.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,521 shares of the open-source software company’s stock worth $132,000 after buying an additional 21 shares during the last quarter. Mason Street Advisors LLC increased its stake in Red Hat by 0.3% in the first quarter. Mason Street Advisors LLC now owns 24,638 shares of the open-source software company’s stock worth $2,131,000 after buying an additional 70 shares during the last quarter. Nordea Investment Management AB increased its stake in Red Hat by 1.0% in the first quarter. Nordea Investment Management AB now owns 6,919 shares of the open-source software company’s stock worth $598,000 after buying an additional 70 shares during the last quarter. Advantus Capital Management Inc increased its stake in Red Hat by 0.5% in the first quarter. Advantus Capital Management Inc now owns 17,955 shares of the open-source software company’s stock worth $1,553,000 after buying an additional 93 shares during the last quarter. Finally, Outfitter Advisors LTD. increased its stake in Red Hat by 0.9% in the first quarter. Outfitter Advisors LTD. now owns 11,020 shares of the open-source software company’s stock worth $953,000 after buying an additional 100 shares during the last quarter. 93.23% of the stock is owned by institutional investors and hedge funds.
Shares of Red Hat, Inc. (RHT) opened at 100.43 on Friday. The company has a market capitalization of $17.82 billion, a PE ratio of 68.79 and a beta of 1.26. Red Hat, Inc. has a 52 week low of $68.54 and a 52 week high of $101.82. The company’s 50 day moving average is $98.41 and its 200-day moving average is $89.27.
Red Hat (NYSE:RHT) last posted its quarterly earnings data on Tuesday, June 20th. The open-source software company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.03. The company had revenue of $677 million for the quarter, compared to analyst estimates of $647.42 million. Red Hat had a return on equity of 22.84% and a net margin of 10.54%. The business’s revenue was up 19.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.50 earnings per share. On average, analysts expect that Red Hat, Inc. will post $2.68 EPS for the current fiscal year.
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A number of analysts have recently weighed in on the stock. Robert W. Baird raised their price target on shares of Red Hat from $90.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 21st. Mizuho decreased their price target on shares of Red Hat from $109.00 to $96.00 and set a “buy” rating for the company in a research report on Wednesday, June 21st. Pacific Crest decreased their price target on shares of Red Hat from $115.00 to $97.00 and set an “overweight” rating for the company in a research report on Wednesday, June 21st. Morgan Stanley reissued an “equal weight” rating and set a $98.00 price target (up previously from $90.00) on shares of Red Hat in a research report on Wednesday, June 21st. Finally, BTIG Research decreased their price target on shares of Red Hat from $120.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday, June 21st. Nine research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $98.72.
In other news, EVP Paul J. Cormier sold 30,000 shares of the company’s stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $91.16, for a total transaction of $2,734,800.00. Following the transaction, the executive vice president now owns 219,578 shares of the company’s stock, valued at $20,016,730.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Eric Ryan Shander sold 1,521 shares of the company’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $99.98, for a total value of $152,069.58. Following the transaction, 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. Insiders own 0.66% of the company’s stock.
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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