Red Hat Inc. (RHT) Earns Buy Rating from Barclays PLC
Red Hat Inc. (NYSE:RHT)‘s stock had its “buy” rating reissued by research analysts at Barclays PLC in a note issued to investors on Thursday.
The analysts wrote, “We continue to like the long- term story and believe the shares look attractive on a cash flow basis. Billings Growth and Large Deals Strong, App Dev Could Have Been Better: Billings grew 20% y/y this quarter, the strongest growth since 4Q14. We believe short term billings grew 17%, despite the longer duration, which is quite healthy. Deals over $1mn were up 60% y/y, underscoring Red Hat’s continued expansion with customers.””
Other equities analysts have also issued research reports about the stock. Drexel Hamilton reiterated a “buy” rating and set a $105.00 price objective on shares of Red Hat in a report on Monday, June 20th. Deutsche Bank AG reiterated a “buy” rating on shares of Red Hat in a report on Friday, June 17th. Royal Bank Of Canada reiterated a “buy” rating on shares of Red Hat in a report on Thursday, June 16th. Oppenheimer Holdings Inc. reiterated a “buy” rating and set a $88.00 price objective on shares of Red Hat in a report on Monday, June 6th. Finally, Vetr lowered shares of Red Hat from a “strong-buy” rating to a “buy” rating and set a $84.24 price objective on the stock. in a report on Wednesday, June 1st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $88.06.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/22/red-hat-inc-rht-earns-buy-rating-from-barclays-plc.html
Shares of Red Hat (NYSE:RHT) traded up 4.8545% during midday trading on Thursday, reaching $80.7799. 3,764,078 shares of the company’s stock traded hands. Red Hat has a 12 month low of $59.59 and a 12 month high of $84.44. The stock has a 50-day moving average price of $74.08 and a 200 day moving average price of $74.11. The firm has a market cap of $14.63 billion, a PE ratio of 70.8596 and a beta of 1.32.
Red Hat (NYSE:RHT) last announced its quarterly earnings data on Wednesday, September 21st. The open-source software company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.01. Red Hat had a net margin of 9.93% and a return on equity of 18.27%. The firm had revenue of $599.80 million for the quarter. During the same quarter in the prior year, the company posted $0.47 EPS. Red Hat’s revenue for the quarter was up 19.0% on a year-over-year basis. Equities research analysts predict that Red Hat will post $2.21 earnings per share for the current year.
In related news, EVP Michael Cunningham sold 10,000 shares of the stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $75.00, for a total transaction of $750,000.00. Following the transaction, the executive vice president now owns 52,484 shares of the company’s stock, valued at approximately $3,936,300. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Delisa Alexander sold 2,395 shares of the stock in a transaction on Tuesday, July 19th. The shares were sold at an average price of $72.83, for a total transaction of $174,427.85. Following the transaction, the executive vice president now directly owns 60,780 shares in the company, valued at approximately $4,426,607.40. The disclosure for this sale can be found here. Corporate insiders own 0.76% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in RHT. Nomura Asset Management Co. Ltd. raised its position in Red Hat by 3.2% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 19,310 shares of the open-source software company’s stock valued at $1,599,000 after buying an additional 600 shares in the last quarter. Norges Bank purchased a new stake in shares of Red Hat during the fourth quarter worth about $112,063,000. DnB Asset Management AS purchased a new stake in shares of Red Hat during the first quarter worth about $1,151,000. Granite Investment Partners LLC raised its stake in shares of Red Hat by 1.2% in the first quarter. Granite Investment Partners LLC now owns 90,664 shares of the open-source software company’s stock worth $6,755,000 after buying an additional 1,031 shares during the period. Finally, Aperio Group LLC raised its stake in shares of Red Hat by 10.1% in the first quarter. Aperio Group LLC now owns 44,483 shares of the open-source software company’s stock worth $3,314,000 after buying an additional 4,079 shares during the period. 94.81% of the stock is currently owned by institutional investors.
About Red Hat
Red Hat, Inc (Red Hat) provides open source software solutions, using a community-powered approach to develop and offer operating system, virtualization, management, middleware, cloud, mobile and storage technologies. Red Hat operates through three geographical segments: the Americas, including the United States, Canada and Latin America; EMEA, including Europe, Middle East and Africa, and Asia Pacific.
Receive News & Ratings for Red Hat Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Red Hat Inc. and related companies with MarketBeat.com's FREE daily email newsletter.