Zacks: Brokerages Anticipate Red Hat, Inc. (RHT) Will Post Earnings of $0.70 Per Share
Equities analysts expect that Red Hat, Inc. (NYSE:RHT) will post earnings per share of $0.70 for the current quarter, Zacks Investment Research reports. Ten analysts have issued estimates for Red Hat’s earnings. The highest EPS estimate is $0.72 and the lowest is $0.69. Red Hat reported earnings of $0.61 per share in the same quarter last year, which would indicate a positive year over year growth rate of 14.8%. The firm is scheduled to report its next earnings results on Wednesday, December 20th.
According to Zacks, analysts expect that Red Hat will report full year earnings of $2.78 per share for the current year, with EPS estimates ranging from $2.77 to $2.82. For the next year, analysts anticipate that the company will post earnings of $3.26 per share, with EPS estimates ranging from $3.04 to $3.42. Zacks’ earnings per share calculations are a mean average based on a survey of research firms that cover Red Hat.
Red Hat (NYSE:RHT) last issued its quarterly earnings data on Monday, September 25th. The open-source software company reported $0.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.10. The firm had revenue of $723.60 million for the quarter, compared to the consensus estimate of $699.56 million. Red Hat had a net margin of 11.49% and a return on equity of 25.27%. Red Hat’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same period last year, the firm posted $0.55 EPS.
RHT has been the topic of several recent research reports. Zacks Investment Research downgraded shares of Red Hat from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 22nd. Piper Jaffray Companies reiterated a “hold” rating and issued a $100.00 price objective on shares of Red Hat in a research report on Sunday, August 27th. Credit Suisse Group initiated coverage on shares of Red Hat in a research report on Tuesday, September 5th. They issued a “neutral” rating and a $111.00 price objective on the stock. Moffett Nathanson initiated coverage on shares of Red Hat in a research report on Wednesday, September 6th. They issued a “buy” rating on the stock. Finally, KeyCorp reiterated an “overweight” rating and issued a $121.00 price objective on shares of Red Hat in a research report on Friday, September 8th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $110.93.
In other Red Hat news, insider Michael A. Kelly sold 2,888 shares of Red Hat stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $121.03, for a total value of $349,534.64. Following the completion of the sale, the insider now directly owns 8,751 shares in the company, valued at $1,059,133.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Delisa Alexander sold 1,073 shares of Red Hat stock in a transaction that occurred on Tuesday, October 17th. The shares were sold at an average price of $120.36, for a total transaction of $129,146.28. Following the completion of the sale, the executive vice president now owns 38,150 shares of the company’s stock, valued at $4,591,734. The disclosure for this sale can be found here. Insiders sold 34,172 shares of company stock valued at $3,926,377 over the last quarter. Corporate insiders own 0.66% of the company’s stock.
Several institutional investors have recently modified their holdings of RHT. OppenheimerFunds Inc. lifted its stake in shares of Red Hat by 6.8% in the first quarter. OppenheimerFunds Inc. now owns 3,363 shares of the open-source software company’s stock worth $291,000 after buying an additional 215 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Red Hat by 3.5% in the first quarter. Dimensional Fund Advisors LP now owns 401,242 shares of the open-source software company’s stock worth $34,705,000 after buying an additional 13,616 shares during the last quarter. Xact Kapitalforvaltning AB lifted its stake in shares of Red Hat by 2.7% in the second quarter. Xact Kapitalforvaltning AB now owns 26,991 shares of the open-source software company’s stock worth $2,584,000 after buying an additional 711 shares during the last quarter. RB Capital Management LLC lifted its stake in shares of Red Hat by 2.6% in the second quarter. RB Capital Management LLC now owns 3,875 shares of the open-source software company’s stock worth $371,000 after buying an additional 100 shares during the last quarter. Finally, Fulton Bank N.A. acquired a new stake in shares of Red Hat in the second quarter worth $205,000. Institutional investors and hedge funds own 95.14% of the company’s stock.
Shares of Red Hat (RHT) opened at $121.92 on Wednesday. The firm has a market cap of $21,587.11, a PE ratio of 66.53, a P/E/G ratio of 3.85 and a beta of 1.18. Red Hat has a 52-week low of $68.54 and a 52-week high of $122.95. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.30 and a quick ratio of 1.30.
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About Red Hat
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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