Red Hat, Inc. (NYSE:RHT) had its price objective lowered by equities research analysts at BTIG Research from $120.00 to $95.00 in a research report issued to clients and investors on Wednesday. The firm presently has a “buy” rating on the open-source software company’s stock. BTIG Research’s price target suggests a potential downside of 3.63% from the company’s current price.

A number of other equities research analysts have also recently commented on RHT. Robert W. Baird cut Red Hat from an “outperform” rating to a “neutral” rating and raised their target price for the company from $85.00 to $90.00 in a research report on Tuesday, February 28th. Pacific Crest restated an “overweight” rating and set a $87.00 target price on shares of Red Hat in a research report on Monday, March 13th. Mizuho raised their target price on Red Hat from $80.00 to $94.00 and gave the company a “positive” rating in a research report on Monday, March 20th. Cowen and Company dropped their target price on Red Hat from $82.00 to $80.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 21st. Finally, Rosenblatt Securities set a $95.00 target price on Red Hat and gave the company a “buy” rating in a research report on Monday, March 20th. Nine equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $97.06.

Analyst Recommendations for Red Hat (NYSE:RHT)

Shares of Red Hat (RHT) opened at 98.58 on Wednesday. The company has a market cap of $17.53 billion, a price-to-earnings ratio of 70.92 and a beta of 1.30. Red Hat has a one year low of $68.54 and a one year high of $99.75. The company has a 50 day moving average price of $88.93 and a 200 day moving average price of $82.49. Red Hat also saw unusually large options trading on Tuesday. Investors acquired 10,491 put options on the stock. This is an increase of 828% compared to the typical daily volume of 1,131 put options.

Red Hat (NYSE:RHT) last posted its earnings results on Tuesday, June 20th. The open-source software company reported $0.56 EPS for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.03. Red Hat had a return on equity of 22.04% and a net margin of 10.52%. The firm had revenue of $677 million for the quarter, compared to analysts’ expectations of $647.42 million. During the same period last year, the firm earned $0.50 EPS. The company’s quarterly revenue was up 19.2% on a year-over-year basis. Equities analysts predict that Red Hat will post $2.68 EPS for the current year.

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In other Red Hat news, EVP Paul J. Cormier sold 26,462 shares of the business’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $91.57, for a total value of $2,423,125.34. Following the completion of the transaction, the executive vice president now owns 189,578 shares in the company, valued at $17,359,657.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO James M. Whitehurst sold 12,000 shares of the business’s stock in a transaction on Tuesday, March 28th. The stock was sold at an average price of $86.50, for a total transaction of $1,038,000.00. Following the completion of the transaction, the chief executive officer now owns 417,072 shares of the company’s stock, valued at approximately $36,076,728. The disclosure for this sale can be found here. In the last 90 days, insiders sold 301,336 shares of company stock valued at $26,596,492. Insiders own 0.76% of the company’s stock.

Several institutional investors have recently bought and sold shares of RHT. Bessemer Group Inc. increased its position in Red Hat by 55.2% in the fourth quarter. Bessemer Group Inc. now owns 3,687 shares of the open-source software company’s stock valued at $257,000 after buying an additional 1,311 shares during the period. Marshall Wace LLP increased its position in Red Hat by 19.8% in the fourth quarter. Marshall Wace LLP now owns 41,184 shares of the open-source software company’s stock valued at $2,871,000 after buying an additional 6,801 shares during the period. Elkfork Partners LLC acquired a new position in Red Hat during the fourth quarter valued at approximately $328,000. Tyers Asset Management LLC acquired a new position in Red Hat during the fourth quarter valued at approximately $239,000. Finally, Alyeska Investment Group L.P. increased its position in Red Hat by 45.0% in the fourth quarter. Alyeska Investment Group L.P. now owns 248,925 shares of the open-source software company’s stock valued at $17,350,000 after buying an additional 77,249 shares during the period. Institutional investors and hedge funds own 95.49% 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.

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