Red Hat, Inc. (NYSE:RHT)‘s stock had its “overweight” rating restated by equities research analysts at KeyCorp in a report released on Friday, MarketBeat reports. They presently have a $121.00 price objective on the open-source software company’s stock. KeyCorp’s price objective indicates a potential upside of 12.96% from the stock’s previous close.

RHT has been the topic of several other research reports. Zacks Investment Research cut shares of Red Hat from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 22nd. Drexel Hamilton reiterated a “buy” rating and issued a $127.00 price target (up previously from $110.00) on shares of Red Hat in a research note on Wednesday, June 21st. Credit Suisse Group initiated coverage on shares of Red Hat in a research note on Tuesday. They issued a “neutral” rating and a $111.00 price target on the stock. Piper Jaffray Companies initiated coverage on shares of Red Hat in a research note on Friday, June 23rd. They issued a “neutral” rating and a $100.00 price target on the stock. Finally, Bank of America Corporation reiterated a “neutral” rating and issued a $105.00 price target (up previously from $92.00) on shares of Red Hat in a research note on Wednesday, June 21st. Eleven equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $99.80.

Red Hat (NYSE RHT) traded up 0.07% on Friday, reaching $107.12. The company had a trading volume of 1,111,518 shares. The stock has a market capitalization of $19.01 billion, a PE ratio of 73.37 and a beta of 1.24. Red Hat has a 12-month low of $68.54 and a 12-month high of $108.09. The stock’s 50 day moving average price is $101.79 and its 200-day moving average price is $91.94.

Red Hat (NYSE:RHT) last announced its quarterly earnings results on Tuesday, June 20th. The open-source software company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.53 by $0.03. The business had revenue of $677 million for the quarter, compared to analysts’ expectations of $647.42 million. Red Hat had a net margin of 10.54% and a return on equity of 22.84%. The business’s quarterly revenue was up 19.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.50 EPS. Equities analysts expect that Red Hat will post $2.69 earnings per share for the current fiscal year.

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In related news, Director William S. Kaiser sold 10,994 shares of Red Hat stock in a transaction that occurred on Friday, July 7th. The shares were sold at an average price of $96.20, for a total value of $1,057,622.80. Following the completion of the transaction, the director now owns 80,814 shares in the company, valued at $7,774,306.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James M. Whitehurst sold 12,000 shares of Red Hat stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $95.70, for a total transaction of $1,148,400.00. Following the completion of the transaction, the chief executive officer now owns 422,873 shares of the company’s stock, valued at approximately $40,468,946.10. The disclosure for this sale can be found here. Insiders sold 44,087 shares of company stock valued at $4,265,012 in the last 90 days. Company insiders own 0.66% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. D.A. Davidson & CO. lifted its stake in Red Hat by 6.8% in the second quarter. D.A. Davidson & CO. now owns 1,071 shares of the open-source software company’s stock worth $102,000 after acquiring an additional 68 shares during the last quarter. Clear Perspective Advisors LLC purchased a new position in Red Hat in the second quarter worth approximately $112,000. Sun Life Financial INC lifted its stake in Red Hat by 14,837.5% in the second quarter. Sun Life Financial INC now owns 1,195 shares of the open-source software company’s stock worth $114,000 after acquiring an additional 1,187 shares during the last quarter. Shine Investment Advisory Services Inc. purchased a new position in Red Hat in the second quarter worth approximately $117,000. Finally, State of Alaska Department of Revenue purchased a new position in Red Hat in the second quarter worth approximately $122,000. Institutional investors own 94.21% of the company’s stock.

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)

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