Red Hat Inc. (RHT) Upgraded at Vetr Inc.
Red Hat Inc. (NYSE:RHT) was upgraded by analysts at Vetr from a “hold” rating to a “buy” rating in a report issued on Monday. The firm currently has a $86.66 price target on the open-source software company’s stock. Vetr‘s target price indicates a potential upside of 11.39% from the company’s current price.
A number of other analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Red Hat from a “buy” rating to a “hold” rating in a research report on Thursday, September 29th. Jefferies Group reissued a “hold” rating and set a $75.00 target price on shares of Red Hat in a research report on Saturday, June 25th. Deutsche Bank AG reissued a “buy” rating on shares of Red Hat in a research report on Friday, June 17th. Barclays PLC reissued a “buy” rating and set a $90.00 target price on shares of Red Hat in a research report on Thursday, September 15th. Finally, Morgan Stanley downgraded shares of Red Hat from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $72.18 to $80.00 in a research report on Thursday, July 7th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-five have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $89.33.
Shares of Red Hat (NYSE:RHT) traded down 1.01% during mid-day trading on Monday, hitting $77.80. 1,636,617 shares of the stock traded hands. The stock has a 50-day moving average of $75.84 and a 200 day moving average of $74.79. The stock has a market cap of $14.03 billion, a PE ratio of 65.43 and a beta of 1.53. Red Hat has a one year low of $59.59 and a one year high of $84.44.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/09/red-hat-inc-rht-upgraded-at-vetr-inc.html
Red Hat (NYSE:RHT) last posted its quarterly earnings data on Wednesday, September 21st. The open-source software company reported $0.55 EPS for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.01. Red Hat had a net margin of 9.84% and a return on equity of 18.93%. The company earned $599.80 million during the quarter. During the same period in the prior year, the company earned $0.47 EPS. The company’s revenue was up 19.0% compared to the same quarter last year. Equities analysts predict that Red Hat will post $2.24 EPS for the current fiscal year.
In other news, Director William S. Kaiser sold 12,500 shares of Red Hat stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $80.35, for a total transaction of $1,004,375.00. Following the completion of the sale, the director now directly owns 120,814 shares in the company, valued at approximately $9,707,404.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Michael Cunningham sold 15,000 shares of Red Hat stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $80.42, for a total value of $1,206,300.00. Following the sale, the executive vice president now owns 37,484 shares of the company’s stock, valued at $3,014,463.28. The disclosure for this sale can be found here. 0.76% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in RHT. Emerald Acquisition Ltd. purchased a new stake in shares of Red Hat during the second quarter valued at about $87,400,000. UBS Asset Management Americas Inc. increased its position 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 worth $91,461,000 after buying an additional 746,414 shares during the last quarter. Smith Asset Management Group LP increased its position 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 worth $70,571,000 after buying an additional 667,933 shares during the last quarter. Bank of Montreal Can bought a new position in shares of Red Hat during the second quarter worth $41,574,000. Finally, FMR LLC increased its position in shares of Red Hat by 5.1% in the second quarter. FMR LLC now owns 11,463,375 shares of the open-source software company’s stock worth $832,240,000 after buying an additional 558,296 shares during the last quarter. 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.
To view Vetr’s full report, visit Vetr’s official website.
Receive News & Ratings for Red Hat Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Red Hat Inc. and related companies with MarketBeat.com's FREE daily email newsletter.