Red Hat Inc. (RHT) Given New $92.00 Price Target at Citigroup Inc.
Red Hat Inc. (NYSE:RHT) had its target price lifted by analysts at Citigroup Inc. from $90.00 to $92.00 in a research report issued on Thursday. The firm presently has a “buy” rating on the open-source software company’s stock. Citigroup Inc.’s price target suggests a potential upside of 19.42% from the company’s previous close.
RHT has been the topic of several other research reports. BMO Capital Markets reissued an “outperform” rating and set a $85.00 price objective (down previously from $88.00) on shares of Red Hat in a report on Thursday, June 23rd. Mizuho reissued a “buy” rating on shares of Red Hat in a report on Wednesday. Stifel Nicolaus reissued a “buy” rating on shares of Red Hat in a report on Thursday, June 23rd. Deutsche Bank AG reissued a “buy” rating and set a $95.00 price objective on shares of Red Hat in a report on Thursday, June 23rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $98.00 price target on shares of Red Hat in a research note on Saturday, July 2nd. 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 issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $88.06.
Shares of Red Hat (NYSE:RHT) traded up 4.93% on Thursday, reaching $80.84. The company’s stock had a trading volume of 3,097,581 shares. The company has a market cap of $14.64 billion, a P/E ratio of 70.91 and a beta of 1.32. Red Hat has a 12-month low of $59.59 and a 12-month high of $84.44. The company’s 50 day moving average price is $74.08 and its 200 day moving average price is $74.11.
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Red Hat (NYSE:RHT) last issued its quarterly earnings results on Wednesday, September 21st. The open-source software company reported $0.55 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.01. The company had revenue of $599.80 million for the quarter. Red Hat had a return on equity of 18.27% and a net margin of 9.93%. The business’s quarterly revenue was up 19.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.47 earnings per share. Analysts forecast that Red Hat will post $2.21 EPS for the current fiscal year.
In other Red Hat news, EVP Delisa Alexander sold 2,395 shares of the company’s stock in a transaction that occurred on Tuesday, July 19th. The stock was sold at an average price of $72.83, for a total value of $174,427.85. Following the sale, the executive vice president now owns 60,780 shares in the company, valued at $4,426,607.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Cunningham sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $73.14, for a total value of $731,400.00. Following the completion of the sale, the executive vice president now owns 64,800 shares in the company, valued at approximately $4,739,472. The disclosure for this sale can be found here. Corporate insiders own 0.76% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Wunderlich Capital Managemnt acquired a new stake in Red Hat during the second quarter valued at about $137,000. Mizuho Asset Management Co. Ltd. raised its stake in Red Hat by 125.8% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,393 shares of the open-source software company’s stock valued at $174,000 after buying an additional 1,333 shares in the last quarter. Hills Bank & Trust Co. acquired a new stake in Red Hat during the second quarter valued at about $222,000. Pacer Advisors Inc. raised its stake in Red Hat by 10.8% in the second quarter. Pacer Advisors Inc. now owns 3,392 shares of the open-source software company’s stock valued at $246,000 after buying an additional 331 shares in the last quarter. Finally, Wall Street Associates acquired a new stake in Red Hat during the second quarter valued at about $247,000. Hedge funds and other institutional investors own 94.81% of the company’s stock.
Red Hat Company Profile
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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