Red Hat Inc (RHT) Now Covered by Sanford C. Bernstein
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.
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.
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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.
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