Red Hat Inc (NYSE:RHT) – Equities research analysts at KeyCorp upped their Q2 2019 earnings per share estimates for Red Hat in a report released on Sunday. KeyCorp analyst A. Kurtz now expects that the open-source software company will post earnings of $0.67 per share for the quarter, up from their prior estimate of $0.64. KeyCorp has a “Overweight” rating and a $135.00 price objective on the stock. KeyCorp also issued estimates for Red Hat’s Q3 2019 earnings at $0.66 EPS, Q4 2019 earnings at $0.71 EPS and FY2019 earnings at $2.51 EPS.

Several other research analysts have also issued reports on RHT. Robert W. Baird reiterated a “hold” rating on shares of Red Hat in a research note on Tuesday, September 26th. BTIG Research reiterated a “buy” rating and issued a $120.00 price target on shares of Red Hat in a research note on Wednesday, September 27th. J P Morgan Chase & Co reissued an “overweight” rating and issued a $117.00 price objective (up previously from $110.00) on shares of Red Hat in a report on Tuesday, September 26th. BMO Capital Markets reaffirmed a “market perform” rating and set a $128.00 price target (up previously from $107.00) on shares of Red Hat in a report on Tuesday, September 26th. Finally, Barclays lifted their price target on shares of Red Hat from $120.00 to $122.00 and gave the company an “overweight” rating in a report on Tuesday, September 26th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $111.86.

Red Hat (RHT) traded up $1.07 during trading hours on Tuesday, hitting $121.94. 1,988,076 shares of the stock traded hands, compared to its average volume of 1,660,271. Red Hat has a 12-month low of $68.54 and a 12-month high of $129.61. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.30 and a current ratio of 1.30. The stock has a market cap of $21,449.83, a PE ratio of 66.10, a price-to-earnings-growth ratio of 3.82 and a beta of 1.19.

Red Hat (NYSE:RHT) last announced its quarterly earnings data on Monday, September 25th. The open-source software company reported $0.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.10. The company had revenue of $723.60 million during the quarter, compared to analysts’ expectations of $699.56 million. Red Hat had a net margin of 11.49% and a return on equity of 25.27%. The firm’s revenue was up 20.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.55 EPS.

Institutional investors have recently added to or reduced their stakes in the business. State of Wisconsin Investment Board lifted its position in shares of Red Hat by 22.4% during the 3rd quarter. State of Wisconsin Investment Board now owns 264,085 shares of the open-source software company’s stock valued at $29,276,000 after buying an additional 48,339 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Red Hat by 9.2% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 629,475 shares of the open-source software company’s stock valued at $69,784,000 after purchasing an additional 53,269 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Red Hat by 6,697.1% in the 3rd quarter. American Century Companies Inc. now owns 953,634 shares of the open-source software company’s stock worth $105,720,000 after acquiring an additional 939,604 shares during the last quarter. Northwestern Mutual Investment Management Company LLC increased its stake in shares of Red Hat by 1,271.7% in the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 494,347 shares of the open-source software company’s stock worth $35,890,000 after acquiring an additional 458,307 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of Red Hat by 8.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 652,768 shares of the open-source software company’s stock worth $62,503,000 after acquiring an additional 48,777 shares during the last quarter. Institutional investors and hedge funds own 93.85% of the company’s stock.

In other news, insider Michael A. Kelly sold 2,888 shares of the company’s stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $121.03, for a total transaction of $349,534.64. Following the transaction, the insider now owns 8,751 shares in the company, valued at $1,059,133.53. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Delisa Alexander sold 1,073 shares of the stock in a transaction that occurred on Tuesday, October 17th. The stock was sold at an average price of $120.36, for a total transaction of $129,146.28. Following the completion of the transaction, the executive vice president now owns 38,150 shares in the company, valued at approximately $4,591,734. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,172 shares of company stock worth $3,926,377. Corporate insiders own 0.66% of the company’s stock.

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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.

Earnings History and Estimates for Red Hat (NYSE:RHT)

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