$699.07 Million in Sales Expected for Red Hat, Inc. (NYSE:RHT) This Quarter
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.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.