Red Hat, Inc. (NYSE:RHT) has been assigned a consensus rating of “Buy” from the thirty-three brokerages that are covering the company, Marketbeat Ratings reports. Nine investment analysts have rated the stock with a hold recommendation and twenty-four have issued a buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $99.26.

Several equities research analysts have issued reports on the company. MKM Partners reaffirmed a “neutral” rating and set a $98.00 price target (up previously from $82.00) on shares of Red Hat in a report on Friday, June 23rd. Zacks Investment Research raised Red Hat from a “hold” rating to a “buy” rating and set a $111.00 price target for the company in a report on Friday, June 23rd. Piper Jaffray Companies assumed coverage on Red Hat in a report on Friday, June 23rd. They set a “neutral” rating and a $100.00 price target for the company. Jefferies Group LLC reaffirmed a “hold” rating on shares of Red Hat in a report on Thursday, June 22nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $112.00 price target (up previously from $95.00) on shares of Red Hat in a report on Thursday, June 22nd.

Red Hat (RHT) opened at 99.74 on Tuesday. The company has a market cap of $17.70 billion, a price-to-earnings ratio of 68.32 and a beta of 1.26. The company’s 50-day moving average is $97.94 and its 200-day moving average is $88.74. Red Hat has a 12 month low of $68.54 and a 12 month high of $101.72.

Red Hat (NYSE:RHT) last announced its quarterly earnings results on Tuesday, June 20th. The open-source software company reported $0.56 earnings per share (EPS) 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 business had revenue of $677 million during the quarter, compared to the consensus estimate of $647.42 million. During the same quarter last year, the firm posted $0.50 EPS. The company’s quarterly revenue was up 19.2% on a year-over-year basis. On average, equities research analysts anticipate that Red Hat will post $2.66 earnings per share for the current year.

In related news, EVP Paul J. Cormier sold 30,000 shares of Red Hat stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $91.16, for a total value of $2,734,800.00. Following the transaction, the executive vice president now directly owns 219,578 shares of the company’s stock, valued at $20,016,730.48. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Eric Ryan Shander sold 1,521 shares of Red Hat stock in a transaction that occurred on Wednesday, July 26th. The stock was 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 $991,101.74. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 130,549 shares of company stock worth $12,133,438. 0.66% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of the company. CENTRAL TRUST Co raised its position in 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. Gulf International Bank UK Ltd raised its position in shares of Red Hat by 1.5% in the first quarter. Gulf International Bank UK Ltd now owns 55,005 shares of the open-source software company’s stock valued at $4,757,000 after buying an additional 800 shares during the period. National Pension Service raised its position in shares of Red Hat by 3.0% in the first quarter. National Pension Service now owns 161,028 shares of the open-source software company’s stock valued at $13,836,000 after buying an additional 4,692 shares during the period. Bank of Montreal Can raised its position in shares of Red Hat by 0.4% in the first quarter. Bank of Montreal Can now owns 194,562 shares of the open-source software company’s stock valued at $16,828,000 after buying an additional 807 shares during the period. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of Red Hat during the first quarter valued at about $1,011,000. 93.23% of the stock is currently owned by institutional investors.

COPYRIGHT VIOLATION WARNING: “Red Hat, Inc. (RHT) Given Consensus Rating of “Buy” by Brokerages” was reported by American Banking News and is the property of of American Banking News. If you are accessing this article on another publication, it was copied illegally and republished in violation of US and international copyright and trademark legislation. The legal version of this article can be viewed at https://www.americanbankingnews.com/2017/08/15/red-hat-inc-rht-given-consensus-rating-of-buy-by-brokerages.html.

Red Hat Company Profile

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.

Analyst Recommendations 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.