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Red Hat (NYSE:RHT) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, Stock Ratings News reports. They currently have a $63.10 price target on the stock. Zacks‘ price objective suggests a potential upside of 8.64% from the company’s current price.

RHT has been the subject of a number of other recent research reports. Analysts at Cowen and Company upgraded shares of Red Hat from a “market perform” rating to an “outperform” rating in a research note on Wednesday. Separately, analysts at Credit Suisse initiated coverage on shares of Red Hat in a research note on Friday, February 7th. They set an “outperform” rating and a $70.00 price target on the stock. Finally, analysts at Deutsche Bank initiated coverage on shares of Red Hat in a research note on Wednesday, January 22nd. They set a “hold” rating on the stock. One analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $60.40.

Shares of Red Hat (NYSE:RHT) traded up 1.34% on Wednesday, hitting $58.86. The stock had a trading volume of 1,042,049 shares. Red Hat has a 1-year low of $41.89 and a 1-year high of $60.19. The stock’s 50-day moving average is $57.11 and its 200-day moving average is $50.33. The company has a market cap of $11.156 billion and a price-to-earnings ratio of 63.82.

Red Hat (NYSE:RHT) last announced its earnings results on Thursday, December 19th. The company reported $0.42 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.35 by $0.07. The company had revenue of $397.00 million for the quarter, compared to the consensus estimate of $383.13 million. During the same quarter last year, the company posted $0.29 earnings per share. Red Hat’s revenue was up 15.4% compared to the same quarter last year. On average, analysts predict that Red Hat will post $1.47 earnings per share for the current fiscal year.

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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