Stock analysts at Sanford C. Bernstein initiated coverage on shares of Red Hat Inc (NYSE:RHT) in a research note issued to investors on Wednesday, The Fly reports. The brokerage set a “market perform” rating on the open-source software company’s stock.

Other analysts have also recently issued research reports about the stock. Drexel Hamilton upped their target price on shares of Red Hat to $110.00 in a research note on Tuesday, March 28th. Deutsche Bank AG lowered their target price on shares of Red Hat from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, March 28th. Citigroup Inc lowered their target price on shares of Red Hat from $105.00 to $91.00 and set a “buy” rating on the stock in a research note on Tuesday, March 28th. Rosenblatt Securities set a $95.00 target price on shares of Red Hat and gave the company a “buy” rating in a research note on Monday, March 20th. Finally, BTIG Research upped their target price on shares of Red Hat from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, March 28th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. Red Hat currently has an average rating of “Buy” and a consensus price target of $91.13.

Analyst Recommendations for Red Hat (NYSE:RHT)

Red Hat (NYSE:RHT) opened at 87.63 on Wednesday. The company has a market cap of $15.58 billion, a PE ratio of 63.04 and a beta of 1.44. Red Hat has a one year low of $68.54 and a one year high of $90.01. The firm has a 50-day moving average of $87.15 and a 200-day moving average of $80.83.

Red Hat (NYSE:RHT) last posted its earnings results on Monday, March 27th. The open-source software company reported $0.61 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.61. The business had revenue of $628.80 million for the quarter, compared to analysts’ expectations of $618.64 million. Red Hat had a net margin of 10.36% and a return on equity of 20.57%. The firm’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.52 earnings per share. On average, analysts predict that Red Hat will post $2.60 EPS for the current year.

ILLEGAL ACTIVITY NOTICE: This report was posted by American Banking News and is the property of of American Banking News. If you are reading this report on another publication, it was copied illegally and republished in violation of US and international trademark and copyright law. The original version of this report can be viewed at https://www.americanbankingnews.com/2017/05/24/red-hat-inc-rht-now-covered-by-sanford-c-bernstein.html.

In other news, EVP Paul J. Cormier sold 26,423 shares of the firm’s stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $87.52, for a total transaction of $2,312,540.96. Following the completion of the sale, the executive vice president now owns 247,054 shares in the company, valued at approximately $21,622,166.08. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director William S. Kaiser sold 25,000 shares of the firm’s stock in a transaction dated Friday, March 31st. The stock was sold at an average price of $86.04, for a total transaction of $2,151,000.00. Following the sale, the director now owns 120,458 shares of the company’s stock, valued at approximately $10,364,206.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 219,973 shares of company stock valued at $19,154,802. 0.76% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of RHT. Quantitative Investment Management LLC acquired a new stake in shares of Red Hat during the third quarter valued at $13,991,000. Sentry Investment Management LLC raised its position in Red Hat by 31.0% in the third quarter. Sentry Investment Management LLC now owns 52,252 shares of the open-source software company’s stock valued at $4,224,000 after buying an additional 12,377 shares in the last quarter. NorthCoast Asset Management LLC purchased a new position in Red Hat during the third quarter valued at approximately $10,734,000. Quadrature Capital Ltd raised its position in Red Hat by 1,379.0% in the third quarter. Quadrature Capital Ltd now owns 96,133 shares of the open-source software company’s stock valued at $7,771,000 after buying an additional 89,633 shares in the last quarter. Finally, Riverhead Capital Management LLC raised its position in Red Hat by 986.0% in the third quarter. Riverhead Capital Management LLC now owns 2,867 shares of the open-source software company’s stock valued at $232,000 after buying an additional 2,603 shares in the last quarter. Institutional investors own 95.36% 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.

12 Month Chart for NYSE:RHT

The Fly

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.