Red Hat, Inc. (RHT) Receives Consensus Recommendation of “Buy” from Analysts
Shares of Red Hat, Inc. (NYSE:RHT) have been assigned a consensus rating of “Buy” from the thirty-four brokerages that are presently covering the firm, Marketbeat reports. Ten analysts have rated the stock with a hold recommendation and twenty-four have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $111.28.
A number of research analysts have recently weighed in on the company. Deutsche Bank AG reissued a “buy” rating and issued a $120.00 price objective (up from $110.00) on shares of Red Hat in a report on Tuesday, September 26th. Robert W. Baird lifted their target price on Red Hat from $90.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, June 21st. Mizuho decreased their target price on Red Hat from $109.00 to $96.00 and set a “buy” rating for the company in a report on Wednesday, June 21st. Wells Fargo & Company reiterated an “outperform” rating and issued a $120.00 target price (up previously from $115.00) on shares of Red Hat in a research report on Tuesday, September 19th. Finally, Jefferies Group LLC upped their target price on Red Hat to $100.00 and gave the company a “hold” rating in a research report on Tuesday, September 26th.
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 stock was sold at an average price of $96.20, for a total transaction of $1,057,622.80. Following the transaction, the director now owns 80,814 shares in the company, valued at $7,774,306.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Michael Cunningham sold 4,000 shares of the business’s stock in a transaction on Friday, July 7th. The stock was sold at an average price of $96.59, for a total value of $386,360.00. Following the transaction, the executive vice president now directly owns 30,050 shares in the company, valued at approximately $2,902,529.50. The disclosure for this sale can be found here. Insiders sold 40,081 shares of company stock valued at $4,064,114 over the last 90 days. Company insiders own 0.66% of the company’s stock.
A number of large investors have recently modified their holdings of the business. US Bancorp DE increased its stake in shares of Red Hat by 1.0% in the 2nd quarter. US Bancorp DE now owns 84,508 shares of the open-source software company’s stock worth $8,091,000 after acquiring an additional 870 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Red Hat by 17.6% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 576,206 shares of the open-source software company’s stock valued at $55,172,000 after acquiring an additional 86,292 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its position in shares of Red Hat by 6.9% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,104 shares of the open-source software company’s stock valued at $1,481,000 after acquiring an additional 1,100 shares during the last quarter. Northwestern Mutual Investment Management Company LLC boosted its position in shares of Red Hat by 1,271.7% during the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 494,347 shares of the open-source software company’s stock valued at $35,890,000 after acquiring an additional 458,307 shares during the last quarter. Finally, Hillview Capital Advisors LLC acquired a new position in shares of Red Hat during the 2nd quarter valued at about $345,000. Institutional investors own 94.03% of the company’s stock.
Shares of Red Hat (NYSE RHT) opened at 111.93 on Wednesday. The company’s 50-day moving average price is $106.49 and its 200-day moving average price is $95.19. The stock has a market cap of $19.86 billion, a PE ratio of 76.66 and a beta of 1.25. Red Hat has a 52-week low of $68.54 and a 52-week high of $112.91.
Red Hat (NYSE:RHT) last released its earnings results on Monday, September 25th. The open-source software company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.10. Red Hat had a return on equity of 25.27% and a net margin of 11.49%. The firm had revenue of $723.60 million for the quarter, compared to the consensus estimate of $699.56 million. During the same period in the prior year, the firm earned $0.55 EPS. The firm’s revenue was up 20.6% on a year-over-year basis. On average, equities research analysts forecast that Red Hat will post $2.78 earnings per share for the current fiscal year.
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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