Red Hat, Inc. (NYSE:RHT) had its price target boosted by Royal Bank Of Canada from $106.00 to $121.00 in a research report released on Wednesday morning, MarketBeat Ratings reports. Royal Bank Of Canada currently has an outperform rating on the open-source software company’s stock.
Other analysts have also issued reports about the company. Robert W. Baird lifted their price objective on Red Hat from $90.00 to $100.00 and gave the stock a neutral rating in a research report on Wednesday, June 21st. Mizuho lowered their price objective on Red Hat from $109.00 to $96.00 and set a buy rating for the company in a research report on Wednesday, June 21st. Wells Fargo & Company reiterated an outperform rating and issued a $120.00 price objective (up from $115.00) on shares of Red Hat in a research report on Tuesday. Morgan Stanley reiterated an equal weight rating and issued a $98.00 price objective (up from $90.00) on shares of Red Hat in a research report on Wednesday, June 21st. Finally, BTIG Research lowered their price objective on Red Hat from $120.00 to $95.00 and set a buy rating for the company in a research report on Wednesday, June 21st. Ten equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $102.99.
Red Hat (RHT) traded down 0.51% during trading on Wednesday, hitting $106.30. 1,899,551 shares of the stock traded hands. The stock has a market cap of $18.86 billion, a P/E ratio of 72.81 and a beta of 1.24. The firm’s 50-day moving average is $103.43 and its 200 day moving average is $93.28. Red Hat has a 52 week low of $68.54 and a 52 week high of $108.39.
Red Hat (NYSE:RHT) last announced its quarterly earnings data on Tuesday, June 20th. The open-source software company reported $0.56 EPS for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.03. The firm had revenue of $677.00 million during 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 company’s revenue was up 19.2% on a year-over-year basis. During the same period last year, the company earned $0.50 earnings per share. Equities research analysts forecast that Red Hat will post $2.69 earnings per share for the current fiscal year.
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In other news, Director William S. Kaiser sold 4,006 shares of the company’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 sale, the director now owns 91,808 shares in the company, valued at approximately $8,853,045.44. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Eric Ryan Shander sold 1,521 shares of the company’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 sale, 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. In the last quarter, insiders have sold 44,087 shares of company stock worth $4,265,012. Company insiders own 0.66% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Intl Fcstone Inc. bought a new stake in Red Hat in the 2nd quarter valued at $204,000. Sentry Investment Management LLC raised its stake in Red Hat by 7.7% in the 2nd quarter. Sentry Investment Management LLC now owns 54,198 shares of the open-source software company’s stock valued at $5,189,000 after acquiring an additional 3,872 shares during the period. Toronto Dominion Bank raised its stake in Red Hat by 25.2% in the 2nd quarter. Toronto Dominion Bank now owns 60,230 shares of the open-source software company’s stock valued at $5,766,000 after acquiring an additional 12,104 shares during the period. Oak Associates Ltd. OH raised its stake in Red Hat by 32.0% in the 2nd quarter. Oak Associates Ltd. OH now owns 154,608 shares of the open-source software company’s stock valued at $14,804,000 after acquiring an additional 37,518 shares during the period. Finally, WINTON GROUP Ltd raised its stake in Red Hat by 114.2% in the 2nd quarter. WINTON GROUP Ltd now owns 208,364 shares of the open-source software company’s stock valued at $19,951,000 after acquiring an additional 111,109 shares during the period. Institutional investors and hedge funds own 94.00% 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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