Red Hat, Inc. (RHT) Given Consensus Rating of “Buy” by Brokerages
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.
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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.
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