$925.98 Million in Sales Expected for Red Hat Inc (RHT) This Quarter

Wall Street brokerages expect Red Hat Inc (NYSE:RHT) to post $925.98 million in sales for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for Red Hat’s earnings. The highest sales estimate is $933.00 million and the lowest is $920.10 million. Red Hat posted sales of $813.53 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 13.8%. The firm is expected to report its next earnings results on Thursday, June 20th.

On average, analysts expect that Red Hat will report full year sales of $3.86 billion for the current financial year, with estimates ranging from $3.78 billion to $3.92 billion. For the next financial year, analysts anticipate that the business will post sales of $4.42 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Red Hat.

Red Hat (NYSE:RHT) last announced its earnings results on Monday, March 25th. The open-source software company reported $1.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.15. The firm had revenue of $879.00 million during the quarter, compared to analyst estimates of $885.64 million. Red Hat had a net margin of 12.91% and a return on equity of 35.35%. The company’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.91 EPS.

A number of brokerages recently weighed in on RHT. ValuEngine lowered shares of Red Hat from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 1st. Zacks Investment Research raised shares of Red Hat from a “hold” rating to a “buy” rating and set a $194.00 target price for the company in a research note on Monday, December 31st. Thirteen investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $168.41.

NYSE RHT traded up $0.09 on Thursday, reaching $182.39. The company had a trading volume of 935,675 shares, compared to its average volume of 1,230,027. The firm has a market cap of $32.42 billion, a PE ratio of 65.37, a PEG ratio of 4.00 and a beta of 0.54. The company has a current ratio of 1.27, a quick ratio of 1.26 and a debt-to-equity ratio of 0.14. Red Hat has a 1-year low of $115.31 and a 1-year high of $183.58.

In other Red Hat news, EVP Michael Cunningham sold 25,000 shares of the business’s stock in a transaction dated Thursday, February 7th. The shares were sold at an average price of $178.79, for a total transaction of $4,469,750.00. Following the sale, the executive vice president now directly owns 25,071 shares of the company’s stock, valued at approximately $4,482,444.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.58% of the company’s stock.

A number of large investors have recently modified their holdings of RHT. Argentiere Capital AG bought a new stake in shares of Red Hat in the 4th quarter valued at about $3,513,000. Legal & General Group Plc raised its holdings in shares of Red Hat by 1.6% in the 3rd quarter. Legal & General Group Plc now owns 804,809 shares of the open-source software company’s stock valued at $109,673,000 after purchasing an additional 12,629 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new stake in shares of Red Hat in the 4th quarter valued at about $1,756,000. Vanguard Group Inc raised its holdings in shares of Red Hat by 0.6% in the 3rd quarter. Vanguard Group Inc now owns 18,703,926 shares of the open-source software company’s stock valued at $2,548,970,000 after purchasing an additional 103,057 shares during the period. Finally, Highbridge Capital Management LLC bought a new stake in shares of Red Hat in the 4th quarter valued at about $14,929,000. 89.16% of the stock is currently owned by hedge funds and other institutional investors.

Red Hat Company Profile

Red Hat, Inc provides open source software solutions to develop and offer operating system, virtualization, management, middleware, cloud, mobile, and storage technologies to various enterprises worldwide. It offers infrastructure-related solutions, such as Red Hat Enterprise Linux, an operating system platform that runs on hardware for use in hybrid cloud environments; Red Hat Satellite, a system management offering that helps to deploy, scale, and manage in hybrid cloud environments; and Red Hat Enterprise Virtualization, a software solution that allows customers to utilize and manage a common hardware infrastructure to run multiple operating systems and applications.

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Earnings History and Estimates for Red Hat (NYSE:RHT)

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