Red Hat, Inc. (NYSE:RHT) had its price target hoisted by research analysts at JMP Securities from $107.00 to $122.00 in a report released on Wednesday. The brokerage currently has an “outperform” rating on the open-source software company’s stock. JMP Securities’ price target would indicate a potential upside of 13.32% from the company’s current price.
Several other brokerages have also recently weighed in on RHT. Credit Suisse Group assumed coverage on shares of Red Hat in a research report on Tuesday, September 5th. They set a “neutral” rating and a $111.00 price target for the company. KeyCorp reissued an “overweight” rating and set a $121.00 price target on shares of Red Hat in a research report on Friday, September 8th. Moffett Nathanson assumed coverage on shares of Red Hat in a research report on Wednesday, September 6th. They set a “buy” rating for the company. Piper Jaffray Companies restated a “hold” rating and issued a $100.00 price objective on shares of Red Hat in a report on Sunday, August 27th. Finally, Zacks Investment Research lowered shares of Red Hat from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 22nd. Eleven analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Red Hat currently has an average rating of “Buy” and a consensus price target of $100.71.
Red Hat (NYSE RHT) opened at 107.66 on Wednesday. The company has a market cap of $19.11 billion, a P/E ratio of 73.74 and a beta of 1.24. The company’s 50-day moving average is $102.04 and its 200-day moving average is $92.22. Red Hat has a 52 week low of $68.54 and a 52 week high of $108.13.
Red Hat (NYSE:RHT) last announced its quarterly earnings results on Tuesday, June 20th. The open-source software company reported $0.56 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.03. The business had revenue of $677.00 million during the quarter, compared to analysts’ expectations of $647.42 million. Red Hat had a net margin of 10.54% and a return on equity of 22.84%. The firm’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.50 EPS. On average, analysts anticipate that Red Hat will post $2.69 EPS for the current fiscal year.
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In related news, Director William S. Kaiser sold 4,006 shares of the company’s stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $96.43, for a total value of $386,298.58. Following the completion of the sale, the director now directly owns 91,808 shares of the company’s stock, valued at $8,853,045.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director William S. Kaiser sold 10,994 shares of the company’s stock in a transaction dated Friday, July 7th. The stock was sold at an average price of $96.20, for a total transaction of $1,057,622.80. Following the completion of the sale, the director now directly owns 80,814 shares of the company’s stock, valued at $7,774,306.80. The disclosure for this sale can be found here. Insiders have sold 44,087 shares of company stock valued at $4,265,012 over the last three months. Insiders own 0.66% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Red Hat by 2.8% in the second quarter. Vanguard Group Inc. now owns 17,627,522 shares of the open-source software company’s stock worth $1,687,836,000 after acquiring an additional 479,615 shares during the period. FMR LLC lifted its stake in Red Hat by 10.8% in the second quarter. FMR LLC now owns 11,165,642 shares of the open-source software company’s stock worth $1,069,110,000 after acquiring an additional 1,085,953 shares during the period. Northern Trust Corp lifted its stake in Red Hat by 28.8% in the second quarter. Northern Trust Corp now owns 3,794,946 shares of the open-source software company’s stock worth $363,365,000 after acquiring an additional 848,777 shares during the period. Sustainable Growth Advisers LP lifted its stake in Red Hat by 3.8% in the first quarter. Sustainable Growth Advisers LP now owns 2,425,693 shares of the open-source software company’s stock worth $209,823,000 after acquiring an additional 88,232 shares during the period. Finally, DF Dent & Co. Inc. lifted its stake in Red Hat by 2.7% in the first quarter. DF Dent & Co. Inc. now owns 1,803,495 shares of the open-source software company’s stock worth $156,002,000 after acquiring an additional 47,219 shares during the period. 94.21% of the stock is owned by institutional investors.
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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