Brokerages predict that Red Hat, Inc. (NYSE:RHT) will post sales of $699.07 million for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have issued estimates for Red Hat’s earnings, with the highest sales estimate coming in at $701.20 million and the lowest estimate coming in at $697.50 million. Red Hat reported sales of $599.81 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 16.5%. The company is expected to issue its next 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 year, with estimates ranging from $2.74 billion to $2.82 billion. For the next financial year, analysts anticipate that the business will report sales of $3.19 billion per share, with estimates ranging from $3.09 billion to $3.32 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Red Hat.

Red Hat (NYSE:RHT) last announced its quarterly earnings data on Tuesday, June 20th. The open-source software company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.03. The firm had revenue of $677 million during 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%. The business’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.50 EPS.

A number of research analysts have issued reports on RHT shares. Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $105.00 target price (up from $96.00) on shares of Red Hat in a research note on Thursday, June 22nd. Piper Jaffray Companies started coverage on Red Hat in a research note on Friday, June 23rd. They issued a “neutral” rating and a $100.00 target price for the company. Zacks Investment Research cut Red Hat from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 3rd. MKM Partners reissued a “neutral” rating and issued a $98.00 target price (up from $82.00) on shares of Red Hat in a research note on Friday, June 23rd. Finally, Goldman Sachs Group, Inc. (The) boosted their target price on Red Hat from $85.00 to $97.00 and gave the company a “buy” rating in a research note on Wednesday, June 21st. Nine analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $98.72.

TRADEMARK VIOLATION WARNING: “$699.07 Million in Sales Expected for Red Hat, Inc. (NYSE:RHT) This Quarter” was first published by American Banking News and is owned by of American Banking News. If you are accessing this piece of content on another publication, it was stolen and reposted in violation of U.S. & international copyright law. The original version of this piece of content can be accessed at https://www.americanbankingnews.com/2017/08/08/699-07-million-in-sales-expected-for-red-hat-inc-nyserht-this-quarter.html.

Shares of Red Hat (NYSE:RHT) opened at 98.88 on Tuesday. The company has a 50-day moving average price of $96.44 and a 200 day moving average price of $87.29. Red Hat has a 52 week low of $68.54 and a 52 week high of $101.72. The stock has a market capitalization of $17.55 billion, a P/E ratio of 67.73 and a beta of 1.26.

In other news, EVP Paul J. Cormier sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $90.35, for a total value of $2,710,500.00. Following the transaction, the executive vice president now owns 249,578 shares of the company’s stock, valued at $22,549,372.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Eric Ryan Shander sold 1,521 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $99.98, for a total value of $152,069.58. Following the completion of the transaction, the chief financial officer now directly owns 9,913 shares in the company, valued at approximately $991,101.74. The disclosure for this sale can be found here. Insiders sold 130,549 shares of company stock worth $12,133,438 in the last ninety days. 0.66% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of 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. FMR LLC increased its stake in shares of 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 in the last quarter. Sustainable Growth Advisers LP increased its stake in shares of Red Hat by 3.8% in the first quarter. Sustainable Growth Advisers LP now owns 2,425,693 shares of the open-source software company’s stock worth $209,823,000 after buying an additional 88,232 shares in the last quarter. DF Dent & Co. Inc. increased its stake in shares of Red Hat by 2.7% in the first quarter. DF Dent & Co. Inc. now owns 1,803,495 shares of the open-source software company’s stock worth $156,002,000 after buying an additional 47,219 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Red Hat by 8.8% in the first quarter. Geode Capital Management LLC now owns 1,681,066 shares of the open-source software company’s stock worth $145,198,000 after buying an additional 135,533 shares in the last quarter. 94.27% of the stock is currently owned by institutional investors and hedge funds.

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.

Get a free copy of the Zacks research report on Red Hat (RHT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Red Hat (NYSE:RHT)

Receive News & Ratings for Red Hat Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Red Hat Inc. and related companies with MarketBeat.com's FREE daily email newsletter.