Mizuho Lowers Red Hat Price Target to $58.00 (RHT)
Research analysts at Mizuho dropped their price target on shares of Red Hat (NYSE:RHT) from $65.00 to $58.00 in a report released on Tuesday, American Banking & Market News reports. The firm currently has a “buy” rating on the stock. Mizuho’s price target would indicate a potential upside of 9.58% from the stock’s previous close.
Red Hat (NYSE:RHT) traded down 11.15% during mid-day trading on Tuesday, hitting $47.03. 3,358,587 shares of the company’s stock traded hands. Red Hat has a 52 week low of $44.92 and a 52 week high of $57.30. The stock has a 50-day moving average of $51.98 and a 200-day moving average of $49.94. The company has a market cap of $8.903 billion and a P/E ratio of 67.00.
Red Hat (NYSE:RHT) last issued its quarterly earnings data on Monday, September 23rd. The company reported $0.35 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.33 by $0.02. The company had revenue of $374.00 million for the quarter, compared to the consensus estimate of $372.10 million. During the same quarter in the prior year, the company posted $0.28 earnings per share. The company’s quarterly revenue was up 16.1% on a year-over-year basis. Analysts expect that Red Hat will post $1.35 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Jefferies Group reiterated a “positive” rating on shares of Red Hat (NYSE:RHT) in a research note to investors on Friday. Separately, analysts at JPMorgan Chase & Co. cut their price target on shares of Red Hat (NYSE:RHT) from $43.00 to $39.00 in a research note to investors on Monday, July 22nd. They now have an “underweight” rating on the stock. Finally, analysts at TheStreet reiterated a “buy” rating on shares of Red Hat (NYSE:RHT) in a research note to investors on Friday, July 19th.
One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and fourteen have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $54.68.
Red Hat, Inc (NYSE:RHT) is engaged in providing open source software solutions to the enterprise, including its Red Hat Enterprise Linux and JBoss Enterprise Middleware.
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