Red Hat’s (RHT) “Buy” Rating Reiterated at Barclays PLC
Red Hat Inc. (NYSE:RHT)‘s stock had its “buy” rating reaffirmed by investment analysts at Barclays PLC in a research report issued on Thursday.
The analysts wrote, “We continue to like the long- term story and believe the shares look attractive on a cash flow basis. Billings Growth and Large Deals Strong, App Dev Could Have Been Better: Billings grew 20% y/y this quarter, the strongest growth since 4Q14. We believe short term billings grew 17%, despite the longer duration, which is quite healthy. Deals over $1mn were up 60% y/y, underscoring Red Hat’s continued expansion with customers.””
Several other equities research analysts also recently weighed in on RHT. Robert W. Baird restated a “buy” rating on shares of Red Hat in a research note on Thursday, June 23rd. Stifel Nicolaus restated a “buy” rating on shares of Red Hat in a research note on Thursday, June 23rd. Raymond James Financial Inc. restated a “buy” rating on shares of Red Hat in a research note on Thursday, June 23rd. Mizuho restated a “buy” rating and issued a $88.00 target price on shares of Red Hat in a research note on Thursday, June 23rd. Finally, Royal Bank Of Canada restated a “buy” rating on shares of Red Hat in a research note on Thursday, June 23rd. Two research 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 company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $88.06.
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Red Hat (NYSE:RHT) traded up 4.47% during midday trading on Thursday, hitting $80.48. The stock had a trading volume of 4,668,183 shares. The firm has a market capitalization of $14.57 billion, a P/E ratio of 70.60 and a beta of 1.32. The firm has a 50-day moving average of $74.08 and a 200 day moving average of $74.11. Red Hat has a 52-week low of $59.59 and a 52-week high of $84.44.
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 the Thomson Reuters’ consensus estimate of $0.54 by $0.01. The company 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 revenue was up 19.0% on a year-over-year basis. During the same quarter last year, the business earned $0.47 earnings per share. On average, equities analysts forecast that Red Hat will post $2.21 EPS for the current year.
In other news, 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 transaction, the executive vice president now directly owns 64,800 shares in the company, valued at approximately $4,739,472. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $174,427.85. Following the completion of the transaction, 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 currently owned by insiders.
Several institutional investors have recently modified their holdings of the company. Kentucky Retirement Systems Insurance Trust Fund bought a new position in shares of Red Hat during the second quarter valued at approximately $532,000. Kentucky Retirement Systems bought a new position in shares of Red Hat during the second quarter valued at approximately $1,120,000. Nomura Holdings Inc. raised its position in shares of Red Hat by 21.6% in the second quarter. Nomura Holdings Inc. now owns 171,951 shares of the open-source software company’s stock valued at $12,480,000 after buying an additional 30,498 shares in the last quarter. Mason Street Advisors LLC bought a new position in shares of Red Hat during the second quarter valued at approximately $1,774,000. Finally, Braun Stacey Associates Inc. raised its position in shares of Red Hat by 8.5% in the second quarter. Braun Stacey Associates Inc. now owns 172,240 shares of the open-source software company’s stock valued at $12,505,000 after buying an additional 13,535 shares in the last quarter. 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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