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Shares of Red Hat (NYSE:RHT) have received an average recommendation of “Buy” from the twenty-nine brokerages that are currently covering the company, Stock Ratings Network reports. Four analysts have rated the stock with a hold recommendation and eighteen have issued a buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $63.48.

Shares of Red Hat (NYSE:RHT) opened at 58.39 on Wednesday. Red Hat has a 1-year low of $41.89 and a 1-year high of $61.45. The stock’s 50-day moving average is $55.24 and its 200-day moving average is $54.33. The company has a market cap of $11.041 billion and a price-to-earnings ratio of 63.17.

Red Hat (NYSE:RHT) last posted its quarterly earnings results on Wednesday, June 18th. The company reported $0.34 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.32 earnings per share. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. On average, analysts predict that Red Hat will post $1.54 earnings per share for the current fiscal year.

In other Red Hat news, EVP Michael Cunningham sold 10,000 shares of the company’s stock on the open market in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $57.50, for a total value of $575,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

A number of analysts have recently weighed in on RHT shares. Analysts at Wells Fargo & Co. downgraded shares of Red Hat to a “buy” rating in a research note on Friday. Separately, analysts at RBC Capital raised their price target on shares of Red Hat from $64.00 to $70.00 in a research note on Friday. Finally, analysts at Susquehanna upgraded shares of Red Hat from a “neutral” rating to a “positive” rating in a research note on Friday. They now have a $70.00 price target on the stock, up previously from $57.00.

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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