Red Hat Inc. (RHT) Receives “Hold” Rating from Bank of America Corp.
Red Hat Inc. (NYSE:RHT)‘s stock had its “hold” rating reissued by research analysts at Bank of America Corp. in a research report issued on Thursday. They presently have a $90.00 price target on the open-source software company’s stock. Bank of America Corp.’s price target would suggest a potential upside of 16.82% from the company’s previous close.
A number of other equities research analysts have also weighed in on RHT. Vetr lowered shares of Red Hat from a “strong-buy” rating to a “buy” rating and set a $84.24 target price for the company. in a research note on Wednesday, June 1st. Oppenheimer Holdings Inc. reissued a “buy” rating and set a $88.00 price objective on shares of Red Hat in a research report on Monday, June 6th. Barclays PLC reissued an “overweight” rating and set a $90.00 price objective on shares of Red Hat in a research report on Wednesday, June 15th. Royal Bank Of Canada reissued a “buy” rating on shares of Red Hat in a research report on Thursday, June 16th. Finally, Deutsche Bank AG reissued a “buy” rating on shares of Red Hat in a research report on Friday, June 17th. Two analysts have rated the stock with a sell rating, five have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $88.50.
Shares of Red Hat (NYSE:RHT) traded up 4.39% during midday trading on Thursday, hitting $80.42. The company had a trading volume of 5,650,597 shares. The stock has a 50 day moving average price of $74.08 and a 200 day moving average price of $74.11. Red Hat has a 1-year low of $59.59 and a 1-year high of $84.44. The firm has a market capitalization of $14.56 billion, a P/E ratio of 70.54 and a beta of 1.32.
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Red Hat (NYSE:RHT) last announced its earnings results on Wednesday, September 21st. The open-source software company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.01. The business 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 quarterly revenue was up 19.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.47 earnings per share. On average, equities analysts anticipate 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 firm’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 value of $174,427.85. Following the completion of the sale, the executive vice president now directly owns 60,780 shares in the company, valued at $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 firm’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 completion of the sale, the executive vice president now 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.
Large investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Red Hat during the fourth quarter valued at $112,063,000. Emerald Acquisition Ltd. purchased a new stake in shares of Red Hat during the second quarter valued at $87,400,000. UBS Asset Management Americas Inc. increased 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 period. Smith Asset Management Group LP increased 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 period. Finally, Bank of Montreal Can purchased a new stake in shares of Red Hat during the second quarter valued at $41,574,000. Institutional investors 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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