Red Hat Inc. (NYSE:RHT) had its price objective boosted by analysts at BMO Capital Markets from $85.00 to $89.00 in a research report issued to clients and investors on Thursday, StockTargetPrices.com reports. The firm currently has an “outperform” rating on the open-source software company’s stock. BMO Capital Markets’ price target would indicate a potential upside of 15.52% from the stock’s previous close.

Other research analysts have also issued reports about the company. Vetr raised Red Hat from a “buy” rating to a “strong-buy” rating and set a $81.54 price objective on the stock in a report on Thursday, September 8th. Mizuho reaffirmed a “buy” rating and issued a $88.00 price objective on shares of Red Hat in a report on Wednesday, September 14th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Red Hat in a report on Saturday, August 13th. Oppenheimer Holdings Inc. reaffirmed a “buy” rating and issued a $88.00 price objective on shares of Red Hat in a report on Monday, June 6th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating on shares of Red Hat in a report on Thursday, June 16th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $87.83.

Red Hat (NYSE:RHT) opened at 77.04 on Thursday. The company has a market capitalization of $13.95 billion, a PE ratio of 67.58 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 has a 50 day moving average price of $74.08 and a 200-day moving average price of $74.11.

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Red Hat (NYSE:RHT) last posted its earnings results on Wednesday, September 21st. The open-source software company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.01. The business had revenue of $599.80 million for the quarter, compared to analyst estimates of $593.34 million. Red Hat had a return on equity of 18.27% and a net margin of 9.93%. The firm’s revenue was up 19.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.47 EPS. On average, analysts anticipate that Red Hat will post $2.21 EPS for the current year.

In related news, EVP Michael Cunningham sold 10,000 shares of Red Hat stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $75.00, for a total transaction of $750,000.00. Following the sale, the executive vice president now directly owns 52,484 shares in the company, valued at $3,936,300. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Delisa Alexander sold 2,395 shares of Red Hat stock in a transaction 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 disclosure for this sale can be found here. 0.76% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of RHT. Wunderlich Capital Managemnt acquired a new stake in shares of Red Hat during the second quarter worth approximately $137,000. Mizuho Asset Management Co. Ltd. raised its stake in shares of 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 worth $174,000 after buying an additional 1,333 shares during the period. Hills Bank & Trust Co. acquired a new stake in shares of Red Hat during the second quarter worth approximately $222,000. Pacer Advisors Inc. raised its stake in shares of 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 worth $246,000 after buying an additional 331 shares during the period. Finally, Wall Street Associates acquired a new stake in shares of Red Hat during the second quarter worth approximately $247,000. Institutional investors and hedge funds own 94.81% of the company’s stock.

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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