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Red Hat (NYSE:RHT) shares gapped up prior to trading on Thursday following a stronger than expected earnings report, AnalystRatings.NET reports. The stock had previously closed at $51.77, but opened at $53.10. Red Hat shares last traded at $54.51, with a volume of 4,668,146 shares changing hands.

The company reported $0.34 earnings per share for the quarter, beating the analysts’ 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 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.

Several analysts have recently commented on the stock. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Red Hat in a research note on Thursday. They now have a $54.00 price target on the stock, up previously from $49.00. Separately, 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. Finally, 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. Five investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $62.05.

The stock’s 50-day moving average is $50.17 and its 200-day moving average is $53.53. The company has a market cap of $10.264 billion and a price-to-earnings ratio of 57.10. Red Hat also saw unusually large options trading on Wednesday. Investors acquired 22,908 call options on the stock. This is an increase of approximately 813% compared to the average daily volume of 2,508 call options.

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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