Red Hat (NYSE:RHT) Receives Buy Rating from Deutsche Bank

Deutsche Bank reissued their buy rating on shares of Red Hat (NYSE:RHT) in a research note released on Wednesday, December 20th. Deutsche Bank currently has a $150.00 price target on the open-source software company’s stock.

A number of other research firms also recently weighed in on RHT. Bank of America restated an underperform rating and issued a $115.00 price target on shares of Red Hat in a research note on Tuesday, October 24th. Credit Suisse Group initiated coverage on Red Hat in a report on Tuesday, September 5th. They set a neutral rating and a $111.00 price objective for the company. Moffett Nathanson initiated coverage on Red Hat in a report on Wednesday, September 6th. They set a buy rating for the company. Piper Jaffray Companies reissued a hold rating and issued a $100.00 price target on shares of Red Hat in a report on Sunday, August 27th. Finally, KeyCorp reissued an overweight rating and issued a $121.00 price target on shares of Red Hat in a report on Friday, September 8th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have given a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $124.25.

Shares of Red Hat (NYSE RHT) opened at $126.16 on Wednesday. The firm has a market capitalization of $22,320.00, a PE ratio of 68.57, a PEG ratio of 3.79 and a beta of 1.19. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.30 and a current ratio of 1.37. Red Hat has a 12-month low of $71.50 and a 12-month high of $130.93.

Red Hat (NYSE:RHT) last announced its earnings results on Tuesday, December 19th. The open-source software company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.03. Red Hat had a return on equity of 26.23% and a net margin of 12.14%. The company had revenue of $747.98 million for the quarter, compared to the consensus estimate of $734.69 million. During the same period last year, the business posted $0.61 EPS. The company’s revenue was up 21.6% on a year-over-year basis. research analysts forecast that Red Hat will post 2.08 earnings per share for the current fiscal year.

In related news, EVP Delisa Alexander sold 1,073 shares of the business’s stock in a transaction dated Tuesday, October 17th. The stock was sold at an average price of $120.36, for a total value of $129,146.28. Following the transaction, the executive vice president now owns 38,150 shares in the company, valued at $4,591,734. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael A. Kelly sold 2,888 shares of the business’s stock in a transaction dated Wednesday, October 18th. The stock was sold at an average price of $121.03, for a total value of $349,534.64. Following the completion of the transaction, the insider now owns 8,751 shares in the company, valued at approximately $1,059,133.53. The disclosure for this sale can be found here. Insiders sold 8,172 shares of company stock valued at $985,517 in the last ninety days. Company insiders own 0.66% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Global X Management Co. LLC raised its stake in Red Hat by 91.3% during the second quarter. Global X Management Co. LLC now owns 1,542 shares of the open-source software company’s stock valued at $148,000 after buying an additional 736 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in Red Hat by 8.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 652,768 shares of the open-source software company’s stock valued at $62,503,000 after buying an additional 48,777 shares in the last quarter. Legal & General Group Plc raised its stake in Red Hat by 3.8% during the second quarter. Legal & General Group Plc now owns 841,773 shares of the open-source software company’s stock valued at $80,600,000 after buying an additional 31,131 shares in the last quarter. State Board of Administration of Florida Retirement System raised its stake in Red Hat by 0.7% during the second quarter. State Board of Administration of Florida Retirement System now owns 267,192 shares of the open-source software company’s stock valued at $25,584,000 after buying an additional 1,944 shares in the last quarter. Finally, Tocqueville Asset Management L.P. acquired a new stake in Red Hat during the second quarter valued at approximately $239,000. Institutional investors and hedge funds own 93.57% of the company’s stock.

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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.

Analyst Recommendations for Red Hat (NYSE:RHT)

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