Insider Selling: Red Hat, Inc. (RHT) CEO Sells 12,000 Shares of Stock
Red Hat, Inc. (NYSE:RHT) CEO James M. Whitehurst sold 12,000 shares of the stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $111.15, for a total value of $1,333,800.00. Following the completion of the transaction, the chief executive officer now owns 392,979 shares of the company’s stock, valued at approximately $43,679,615.85. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Shares of Red Hat, Inc. (NYSE:RHT) traded down 0.22% on Tuesday, reaching $111.93. The company’s stock had a trading volume of 1,183,138 shares. The company’s 50 day moving average is $106.49 and its 200-day moving average is $95.19. Red Hat, Inc. has a 1-year low of $68.54 and a 1-year high of $112.91. The firm has a market cap of $19.86 billion, a price-to-earnings ratio of 76.66 and a beta of 1.25.
Red Hat (NYSE:RHT) last issued its earnings results on Monday, September 25th. The open-source software company reported $0.77 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.10. Red Hat had a net margin of 11.49% and a return on equity of 25.27%. The business had revenue of $723.60 million during the quarter, compared to the consensus estimate of $699.56 million. During the same period last year, the business posted $0.55 EPS. Red Hat’s revenue was up 20.6% on a year-over-year basis. Equities research analysts expect that Red Hat, Inc. will post $2.78 EPS for the current year.
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Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Baird Financial Group Inc. bought a new position in shares of Red Hat during the 1st quarter worth approximately $266,000. Raymond James Financial Services Advisors Inc. raised its stake in Red Hat by 17.2% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 10,023 shares of the open-source software company’s stock valued at $867,000 after acquiring an additional 1,472 shares during the period. Pacer Advisors Inc. raised its stake in Red Hat by 3.3% in the 1st quarter. Pacer Advisors Inc. now owns 3,462 shares of the open-source software company’s stock valued at $299,000 after acquiring an additional 110 shares during the period. Nordea Investment Management AB raised its stake in Red Hat by 1.0% in the 1st quarter. Nordea Investment Management AB now owns 6,919 shares of the open-source software company’s stock valued at $598,000 after acquiring an additional 70 shares during the period. Finally, Alliancebernstein L.P. raised its stake in Red Hat by 13.9% in the 1st quarter. Alliancebernstein L.P. now owns 345,363 shares of the open-source software company’s stock valued at $29,874,000 after acquiring an additional 42,121 shares during the period. 94.03% of the stock is owned by institutional investors.
Several brokerages have commented on RHT. Credit Suisse Group initiated coverage on shares of Red Hat in a report on Tuesday, September 5th. They issued a “neutral” rating and a $111.00 target price for the company. BTIG Research cut their price target on shares of Red Hat from $120.00 to $95.00 and set a “buy” rating on the stock in a report on Wednesday, June 21st. Rosenblatt Securities restated 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. Piper Jaffray Companies restated a “hold” rating and issued a $100.00 price target on shares of Red Hat in a research report on Sunday, August 27th. Finally, Moffett Nathanson assumed coverage on shares of Red Hat in a research report on Wednesday, September 6th. They issued a “buy” rating for the company. Ten analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Red Hat has a consensus rating of “Buy” and an average target price of $110.93.
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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