Red Hat, Inc. (NYSE:RHT) Receives Average Recommendation of “Buy” from Analysts
Shares of Red Hat, Inc. (NYSE:RHT) have earned a consensus rating of “Buy” from the thirty-three analysts that are currently covering the stock, Marketbeat Ratings reports. Nine equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $99.26.
A number of equities analysts have recently issued reports on RHT shares. Drexel Hamilton reiterated a “buy” rating and set a $105.00 price objective on shares of Red Hat in a research note on Friday, March 24th. 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 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 for the company 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 for the company in a research note on Tuesday, March 28th. Finally, BTIG Research raised 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.
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In other news, EVP Arun Oberoi sold 30,000 shares of the business’s stock in a transaction dated Friday, April 28th. The shares were sold at an average price of $87.48, for a total transaction of $2,624,400.00. Following the completion of the sale, the executive vice president now owns 85,660 shares of the company’s stock, valued at $7,493,536.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Delisa Alexander sold 12,062 shares of the business’s stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $87.36, for a total transaction of $1,053,736.32. Following the sale, the executive vice president now directly owns 49,187 shares of the company’s stock, valued at approximately $4,296,976.32. The disclosure for this sale can be found here. Insiders sold 245,121 shares of company stock valued at $22,166,786 in the last ninety days. 0.66% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Jericho Capital Asset Management L.P. bought a new stake in Red Hat during the first quarter worth approximately $92,816,000. MARSHALL WACE ASIA Ltd bought a new stake in Red Hat during the first quarter worth approximately $61,821,000. Marshall Wace North America L.P. bought a new stake in Red Hat during the first quarter worth approximately $61,821,000. TimesSquare Capital Management LLC bought a new stake in Red Hat during the first quarter worth approximately $58,586,000. Finally, Vanguard Group Inc. boosted its stake in Red Hat by 2.4% in the first quarter. Vanguard Group Inc. now owns 17,147,907 shares of the open-source software company’s stock worth $1,483,294,000 after buying an additional 399,260 shares in the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.
Shares of Red Hat (RHT) opened at 98.92 on Friday. Red Hat has a 52-week low of $68.54 and a 52-week high of $100.80. The firm’s 50-day moving average price is $94.50 and its 200 day moving average price is $85.62. The company has a market capitalization of $17.55 billion, a PE ratio of 67.75 and a beta of 1.26.
Red Hat (NYSE:RHT) last released its quarterly earnings data on Tuesday, June 20th. The open-source software company reported $0.56 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.03. Red Hat had a net margin of 10.54% and a return on equity of 22.84%. The firm had revenue of $677 million for the quarter, compared to the consensus estimate of $647.42 million. During the same period last year, the firm earned $0.50 earnings per share. The company’s quarterly revenue was up 19.2% on a year-over-year basis. On average, equities analysts forecast that Red Hat will post $2.66 earnings per share for the current year.
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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