Insider Selling: Red Hat CFO Unloads 35,309 Shares of Stock (RHT)
Red Hat (NYSE:RHT) CFO Charles E. Peters, Jr. unloaded 35,309 shares of the company’s stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $60.00, for a total transaction of $2,118,540.00. Following the transaction, the chief financial officer now directly owns 74,652 shares in the company, valued at approximately $4,479,120. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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, August 1st. 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, August 1st. Finally, analysts at Susquehanna upgraded shares of Red Hat from a “neutral” rating to a “positive” rating in a research note on Friday, August 1st. They now have a $70.00 price target on the stock, up previously from $57.00. Three analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Red Hat currently has a consensus rating of “Buy” and a consensus target price of $63.50.
Red Hat (NYSE:RHT) traded down 1.36% on Wednesday, hitting $61.69. 575,241 shares of the company’s stock traded hands. Red Hat has a one year low of $41.89 and a one year high of $62.69. The stock has a 50-day moving average of $57.04 and a 200-day moving average of $54.45. The company has a market cap of $11.665 billion and a P/E ratio of 67.98. Red Hat also was the target of some unusual options trading on Tuesday. Stock investors bought 13,725 call options on the company. This represents an increase of 1,182% compared to the typical volume of 1,071 call options.
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.
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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