Insider Selling: Red Hat, Inc. (NYSE:RHT) CFO Sells 1,521 Shares of Stock
Red Hat, Inc. (NYSE:RHT) CFO Eric Ryan Shander sold 1,521 shares of the firm’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $99.98, for a total transaction of $152,069.58. Following the completion of the transaction, the chief financial officer now directly owns 9,913 shares of the company’s stock, valued at $991,101.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Red Hat, Inc. (RHT) traded down 1.74% during mid-day trading on Thursday, hitting $98.92. The stock had a trading volume of 1,562,611 shares. Red Hat, Inc. has a 52 week low of $68.54 and a 52 week high of $101.72. The firm has a market cap of $17.55 billion, a PE ratio of 67.75 and a beta of 1.26. The company’s 50 day moving average price is $95.45 and its 200 day moving average price is $86.41.
Red Hat (NYSE:RHT) last released its quarterly earnings results on Tuesday, June 20th. The open-source software company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.03. Red Hat had a return on equity of 22.84% and a net margin of 10.54%. The firm had revenue of $677 million for the quarter, compared to analysts’ expectations of $647.42 million. During the same quarter last year, the firm posted $0.50 EPS. The company’s revenue was up 19.2% compared to the same quarter last year. Analysts anticipate that Red Hat, Inc. will post $2.66 earnings per share for the current year.
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RHT has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of Red Hat from a “hold” rating to a “strong-buy” rating and set a $101.00 price objective for the company in a research report on Tuesday, May 2nd. BTIG Research reduced their price objective on shares of Red Hat from $120.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday, June 21st. Sanford C. Bernstein initiated coverage on shares of Red Hat in a research report on Wednesday, May 24th. They set a “market perform” rating and a $102.00 price objective for the company. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $96.00 price objective (up from $94.00) on shares of Red Hat in a research report on Wednesday, May 10th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $112.00 price objective (up from $95.00) on shares of Red Hat in a research report on Thursday, June 22nd. Nine research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $98.72.
Several hedge funds have recently added to or reduced their stakes in RHT. State of Alaska Department of Revenue acquired a new stake in Red Hat during the second quarter valued at $122,000. Bronfman E.L. Rothschild L.P. boosted its position in shares of Red Hat by 1.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,521 shares of the open-source software company’s stock worth $132,000 after buying an additional 21 shares in the last quarter. YorkBridge Wealth Partners LLC boosted its position in shares of Red Hat by 102.4% in the first quarter. YorkBridge Wealth Partners LLC now owns 1,538 shares of the open-source software company’s stock worth $136,000 after buying an additional 778 shares in the last quarter. CENTRAL TRUST Co boosted its position in shares of Red Hat by 8.2% in the first quarter. CENTRAL TRUST Co now owns 1,839 shares of the open-source software company’s stock worth $159,000 after buying an additional 139 shares in the last quarter. Finally, Point72 Asia Hong Kong Ltd purchased a new position in shares of Red Hat during the first quarter worth $170,000. 94.38% of the stock is currently owned by hedge funds and other institutional investors.
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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