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Shares of Red Hat (NYSE:RHT) saw unusually-high trading volume on Wednesday after the company announced better than expected quarterly earnings, AmericanBankingNews.com reports. Approximately 3,164,128 shares were traded during mid-day trading, an increase of 159% from the previous session’s volume of 1,221,482 shares.The stock last traded at $53.10 and had previously closed at $52.43.

The company reported $0.34 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.33 by $0.01. The company had revenue of $423.80 million for the quarter, compared to the consensus estimate of $413.97 million. During the same quarter in the prior year, the company posted $0.32 earnings per share. The company’s quarterly revenue was up 16.7% on a year-over-year basis.

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. Separately, 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 analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $62.46.

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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