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Red Hat (NYSE:RHT) announced its earnings results on Wednesday. The company reported $0.34 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.33 by $0.01, AnalystRatingsNetwork.com reports. The company had revenue of $423.80 million for the quarter, compared to the consensus estimate of $413.97 million. During the same quarter last year, the company posted $0.32 earnings per share. Red Hat’s revenue was up 16.7% compared to the same quarter last year.

A number of research firms have recently commented on RHT. Analysts at JPMorgan Chase & Co. raised their price target on shares of Red Hat from $40.00 to $46.00 in a research note on Friday, March 28th. On a related note, analysts at Raymond James raised their price target on shares of Red Hat from $59.00 to $63.00 in a research note on Friday, March 28th. Finally, analysts at Robert W. Baird raised their price target on shares of Red Hat from $60.00 to $65.00 in a research note on Friday, March 28th. Four equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Red Hat has a consensus rating of “Buy” and a consensus target price of $62.46.

Red Hat (NYSE:RHT) traded up 1.28% during mid-day trading on Wednesday, hitting $53.10. The stock had a trading volume of 3,127,490 shares. Red Hat has a 52 week low of $41.89 and a 52 week high of $61.45. The stock has a 50-day moving average of $50.04 and a 200-day moving average of $53.53. The company has a market cap of $10.054 billion and a P/E ratio of 56.38.

Red Hat, Inc (NYSE:RHT) is a global provider of open source software solutions, using a community-powered approach to develop and offer operating system, middleware, virtualization, storage and cloud technologies.

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