Red Hat, Inc. (NYSE:RHT)‘s stock had its “overweight” rating restated by equities research analysts at KeyCorp in a report issued on Friday. They currently have a $121.00 price target on the open-source software company’s stock. KeyCorp’s price objective indicates a potential upside of 12.96% from the company’s current price.
A number of other brokerages also recently issued reports on RHT. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $105.00 price objective (up previously from $96.00) on shares of Red Hat in a research report on Thursday, June 22nd. Piper Jaffray Companies initiated coverage on Red Hat in a research note on Friday, June 23rd. They issued a “neutral” rating and a $100.00 target price on the stock. Zacks Investment Research cut Red Hat from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 22nd. MKM Partners reissued a “neutral” rating and issued a $98.00 target price (up previously from $82.00) on shares of Red Hat in a research note on Friday, June 23rd. Finally, Goldman Sachs Group, Inc. (The) increased their target price on Red Hat from $85.00 to $97.00 and gave the company a “buy” rating in a research note on Wednesday, June 21st. Eleven research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $99.80.
Red Hat (NYSE:RHT) opened at 107.12 on Friday. Red Hat has a 52 week low of $68.54 and a 52 week high of $108.09. The stock has a 50 day moving average price of $101.79 and a 200 day moving average price of $91.94. The company has a market cap of $19.01 billion, a price-to-earnings ratio of 73.37 and a beta of 1.24.
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 the Zacks’ consensus estimate 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 for the quarter, compared to the consensus estimate of $647.42 million. During the same quarter last year, the business posted $0.50 earnings per share. The firm’s revenue was up 19.2% compared to the same quarter last year. On average, equities analysts forecast that Red Hat will post $2.69 earnings per share for the current year.
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In other news, CEO James M. Whitehurst sold 12,000 shares of Red Hat stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $95.70, for a total transaction of $1,148,400.00. Following the completion of the transaction, the chief executive officer now directly owns 422,873 shares in the company, valued at $40,468,946.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Eric Ryan Shander sold 1,521 shares of Red Hat stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $99.98, for a total transaction of $152,069.58. Following the transaction, the chief financial officer now owns 9,913 shares of the company’s stock, valued at $991,101.74. The disclosure for this sale can be found here. Insiders sold 44,087 shares of company stock valued at $4,265,012 over the last 90 days. 0.66% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in RHT. Profund Advisors LLC lifted its holdings in shares of Red Hat by 12.9% during the first quarter. Profund Advisors LLC now owns 5,113 shares of the open-source software company’s stock valued at $442,000 after purchasing an additional 586 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of Red Hat by 64,378.3% during the first quarter. Canada Pension Plan Investment Board now owns 14,830 shares of the open-source software company’s stock valued at $1,283,000 after purchasing an additional 14,807 shares during the last quarter. Geneva Advisors LLC purchased a new position in shares of Red Hat during the first quarter valued at approximately $231,000. Tyers Asset Management LLC lifted its holdings in shares of Red Hat by 14.5% during the first quarter. Tyers Asset Management LLC now owns 3,920 shares of the open-source software company’s stock valued at $339,000 after purchasing an additional 496 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its holdings in shares of Red Hat by 139.6% during the first quarter. DekaBank Deutsche Girozentrale now owns 12,441 shares of the open-source software company’s stock valued at $1,121,000 after purchasing an additional 7,249 shares during the last quarter. Hedge funds and other institutional investors own 94.21% 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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