Shares of Red Hat Inc. (NYSE:RHT) rose 3.7% during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $82.73 and last traded at $79.88, with a volume of 5,408,979 shares trading hands. The stock had previously closed at $77.04.

The open-source software company reported $0.55 earnings per share for the quarter, topping the 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 company posted $0.47 EPS. Red Hat’s revenue for the quarter was up 19.0% on a year-over-year basis.

Several research firms recently commented on RHT. Oppenheimer Holdings Inc. reiterated a “buy” rating and set a $88.00 price objective on shares of Red Hat in a research note on Monday, June 6th. Vetr lowered shares of Red Hat from a “strong-buy” rating to a “buy” rating and set a $84.24 price objective for the company. in a research note on Wednesday, June 1st. Drexel Hamilton reiterated a “buy” rating and set a $105.00 price objective on shares of Red Hat in a research note on Monday, June 20th. Deutsche Bank AG reiterated a “buy” rating on shares of Red Hat in a research note on Friday, June 17th. Finally, Royal Bank Of Canada reiterated a “buy” rating on shares of Red Hat in a research note on Thursday, June 16th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $88.50.

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In other news, EVP Michael Cunningham sold 10,000 shares of the stock in a transaction dated 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 directly owns 64,800 shares in the company, valued at $4,739,472. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Delisa Alexander sold 2,395 shares of the stock in a transaction dated 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 sale, the executive vice president now owns 60,780 shares of the company’s stock, valued at $4,426,607.40. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of RHT. Wunderlich Capital Managemnt purchased a new stake in Red Hat during the second quarter valued at about $137,000. Mizuho Asset Management Co. Ltd. boosted 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 during the last quarter. Hills Bank & Trust Co. purchased a new stake in Red Hat during the second quarter valued at about $222,000. Pacer Advisors Inc. boosted 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 during the last quarter. Finally, Wall Street Associates purchased a new stake in Red Hat during the second quarter valued at about $247,000. Institutional investors and hedge funds own 94.81% of the company’s stock.

The stock has a market capitalization of $14.53 billion, a PE ratio of 70.40 and a beta of 1.32. The stock has a 50 day moving average of $74.08 and a 200-day moving average of $74.11.

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.

5 Day Chart for NYSE:RHT

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