Red Hat Inc. (RHT) Price Target Raised to $92.00
Red Hat Inc. (NYSE:RHT) had its target price raised by Citigroup Inc. from $90.00 to $92.00 in a research note issued to investors on Thursday. The firm currently 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 stock’s current price.
RHT has been the subject of a number of other reports. Barclays PLC reaffirmed an “overweight” rating and set a $90.00 price objective on shares of Red Hat in a report on Wednesday, June 15th. Vetr downgraded shares of Red Hat from a “strong-buy” rating to a “buy” rating and set a $84.60 price objective for the company. in a report on Monday, August 8th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Red Hat in a report on Friday, June 17th. William Blair reaffirmed an “outperform” rating on shares of Red Hat in a report on Tuesday, July 5th. Finally, Credit Suisse Group AG reaffirmed an “outperform” rating and set a $95.00 price objective on shares of Red Hat in a report on Saturday, June 25th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $88.06.
Red Hat (NYSE:RHT) traded up 4.91% during mid-day trading on Thursday, reaching $80.82. The company had a trading volume of 3,650,384 shares. Red Hat has a 12-month low of $59.59 and a 12-month high of $84.44. The firm 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 capitalization of $14.64 billion, a price-to-earnings ratio of 70.89 and a beta of 1.32.
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Red Hat (NYSE:RHT) last announced its quarterly earnings results on Wednesday, September 21st. The open-source software company reported $0.55 EPS for the quarter, beating the Thomson Reuters’ 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 earned $599.80 million during the quarter. During the same period in the previous year, the business earned $0.47 earnings per share. The firm’s revenue for the quarter was up 19.0% on a year-over-year basis. Analysts expect that Red Hat will post $2.21 EPS for the current year.
In other news, EVP Delisa Alexander sold 2,395 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 60,780 shares of the company’s stock, valued at $4,426,607.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Cunningham sold 10,000 shares of the business’s stock in a transaction that occurred 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 directly owns 52,484 shares of the company’s stock, valued at $3,936,300. The disclosure for this sale can be found here. Insiders own 0.76% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in RHT. Wunderlich Capital Managemnt bought a new position in Red Hat during the second quarter valued at $137,000. Mizuho Asset Management Co. Ltd. boosted its position 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 during the last quarter. Hills Bank & Trust Co. bought a new position in Red Hat during the second quarter valued at $222,000. Pacer Advisors Inc. boosted its position 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 during the last quarter. Finally, Wall Street Associates bought a new position in Red Hat during the second quarter valued at $247,000. 94.81% of the stock is owned by hedge funds and other 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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