Analysts Expect Red Hat, Inc. (NYSE:RHT) Will Post Quarterly Sales of $699.07 Million
Brokerages expect Red Hat, Inc. (NYSE:RHT) to post sales of $699.07 million for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have made estimates for Red Hat’s earnings. The lowest sales estimate is $697.50 million and the highest is $701.20 million. Red Hat posted sales of $599.81 million in the same quarter last year, which suggests a positive year over year growth rate of 16.5%. The firm is expected to issue its next quarterly earnings results on Wednesday, September 20th.
On average, analysts expect that Red Hat will report full year sales of $699.07 million for the current fiscal year, with estimates ranging from $2.74 billion to $2.82 billion. For the next year, analysts anticipate that the company will report sales of $3.19 billion per share, with estimates ranging from $3.09 billion to $3.32 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Red Hat.
Red Hat (NYSE:RHT) last released its earnings results on Tuesday, June 20th. The open-source software company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.03. The business had revenue of $677 million for the quarter, compared to the consensus estimate of $647.42 million. Red Hat had a return on equity of 22.84% and a net margin of 10.54%. Red Hat’s quarterly revenue was up 19.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.50 earnings per share.
RHT has been the subject of several research reports. Drexel Hamilton reiterated a “buy” rating and set a $105.00 price objective on shares of Red Hat in a research report on Friday, March 24th. Cowen and Company increased their price objective on shares of Red Hat from $88.00 to $93.00 and gave the company an “outperform” rating in a research report on Tuesday, March 28th. BTIG Research increased their price objective on shares of Red Hat from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, March 28th. William Blair reiterated an “outperform” rating on shares of Red Hat in a research report on Wednesday, March 22nd. Finally, BMO Capital Markets increased their price objective on shares of Red Hat from $75.00 to $90.00 and gave the company a “market perform” rating in a research report on Tuesday, March 28th. Nine analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Red Hat currently has an average rating of “Buy” and a consensus price target of $98.72.
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In related news, CEO James M. Whitehurst sold 26,250 shares of Red Hat stock in a transaction that occurred on Thursday, April 20th. The shares were sold at an average price of $86.85, for a total value of $2,279,812.50. Following the completion of the sale, the chief executive officer now directly owns 397,380 shares in the company, valued at approximately $34,512,453. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William S. Kaiser sold 4,006 shares of Red Hat stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $96.43, for a total transaction of $386,298.58. Following the completion of the sale, the director now owns 91,808 shares of the company’s stock, valued at $8,853,045.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 279,371 shares of company stock worth $25,143,799. Insiders own 0.66% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in RHT. Caisse DE Depot ET Placement DU Quebec boosted its stake in Red Hat by 6.9% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,104 shares of the open-source software company’s stock worth $1,481,000 after buying an additional 1,100 shares during the period. Toronto Dominion Bank boosted its stake in Red Hat by 55.3% in the first quarter. Toronto Dominion Bank now owns 48,126 shares of the open-source software company’s stock worth $4,163,000 after buying an additional 17,143 shares during the period. FMR LLC boosted its stake in Red Hat by 3.3% in the first quarter. FMR LLC now owns 10,079,689 shares of the open-source software company’s stock worth $871,894,000 after buying an additional 317,464 shares during the period. Comerica Bank boosted its stake in Red Hat by 0.7% in the first quarter. Comerica Bank now owns 103,913 shares of the open-source software company’s stock worth $9,160,000 after buying an additional 740 shares during the period. Finally, Quantitative Investment Management LLC bought a new stake in Red Hat during the first quarter worth approximately $16,573,000. Institutional investors own 94.50% of the company’s stock.
Red Hat (NYSE:RHT) traded up 0.65% during mid-day trading on Wednesday, hitting $99.25. The company had a trading volume of 977,444 shares. The firm has a market capitalization of $17.61 billion, a PE ratio of 67.98 and a beta of 1.26. Red Hat has a 12-month low of $68.54 and a 12-month high of $100.80. The company’s 50 day moving average price is $94.23 and its 200-day moving average price is $85.52.
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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