Red Hat Inc. (RHT) Earns “Hold” Rating from Bank of America Corp.
Red Hat Inc. (NYSE:RHT)‘s stock had its “hold” rating reiterated by research analysts at Bank of America Corp. in a report released on Thursday. They presently have a $90.00 price target on the open-source software company’s stock. Bank of America Corp.’s target price indicates a potential upside of 16.82% from the company’s current price.
Several other research analysts also recently commented on the stock. Vetr raised shares of Red Hat from a “buy” rating to a “strong-buy” rating and set a $81.54 price target on the stock in a research note on Thursday, September 8th. Jefferies Group reaffirmed a “hold” rating and issued a $75.00 price target on shares of Red Hat in a research note on Saturday, June 25th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Red Hat in a research note on Friday, June 17th. Barclays PLC reaffirmed a “buy” rating and issued a $90.00 price target on shares of Red Hat in a research note on Thursday, September 15th. Finally, Morgan Stanley downgraded shares of Red Hat from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $72.18 to $80.00 in a research note on Thursday, July 7th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $88.50.
Shares of Red Hat (NYSE:RHT) traded up 4.23% on Thursday, hitting $80.30. 5,574,179 shares of the stock traded hands. The stock’s 50 day moving average price is $74.08 and its 200 day moving average price is $74.11. The stock has a market cap of $14.54 billion, a P/E ratio of 70.44 and a beta of 1.32. Red Hat has a 52-week low of $59.59 and a 52-week high of $84.44.
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Red Hat (NYSE:RHT) last released its earnings results on Wednesday, September 21st. The open-source software company reported $0.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.01. The firm earned $599.80 million during the quarter. Red Hat had a net margin of 9.93% and a return on equity of 18.27%. Red Hat’s revenue was up 19.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.47 EPS. On average, equities analysts expect that Red Hat will post $2.21 EPS for the current fiscal year.
In related news, EVP Delisa Alexander sold 2,395 shares of the business’s stock in a transaction on Tuesday, July 19th. The shares were sold at an average price of $72.83, for a total value of $174,427.85. Following the completion of the sale, the executive vice president now owns 60,780 shares of the company’s stock, valued at approximately $4,426,607.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Michael Cunningham sold 10,000 shares of the business’s stock in a transaction on Monday, July 11th. The stock was sold at an average price of $73.14, for a total transaction of $731,400.00. Following the completion of the sale, the executive vice president now directly owns 64,800 shares of the company’s stock, valued at approximately $4,739,472. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the company. Norges Bank bought a new stake in shares of Red Hat during the fourth quarter valued at approximately $112,063,000. Emerald Acquisition Ltd. bought a new stake in shares of Red Hat during the second quarter valued at approximately $87,400,000. UBS Asset Management Americas Inc. raised its stake in shares of Red Hat by 155.1% in the first quarter. UBS Asset Management Americas Inc. now owns 1,227,508 shares of the open-source software company’s stock valued at $91,461,000 after buying an additional 746,414 shares during the last quarter. Smith Asset Management Group LP raised its stake in shares of Red Hat by 219.6% in the second quarter. Smith Asset Management Group LP now owns 972,049 shares of the open-source software company’s stock valued at $70,571,000 after buying an additional 667,933 shares during the last quarter. Finally, Bank of Montreal Can bought a new stake in shares of Red Hat during the second quarter valued at approximately $41,574,000. 94.81% of the stock is 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.
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