Analysts Expect Red Hat Inc (RHT) Will Announce Quarterly Sales of $761.96 Million

Equities research analysts expect that Red Hat Inc (NYSE:RHT) will post $761.96 million in sales for the current quarter, Zacks Investment Research reports. Eleven analysts have provided estimates for Red Hat’s earnings. The lowest sales estimate is $759.70 million and the highest is $770.46 million. Red Hat reported sales of $628.84 million in the same quarter last year, which indicates a positive year over year growth rate of 21.2%. The firm is scheduled to announce its next quarterly earnings results on Monday, March 26th.

According to Zacks, analysts expect that Red Hat will report full year sales of $761.96 million for the current financial year, with estimates ranging from $2.89 billion to $2.92 billion. For the next fiscal year, analysts expect that the business will report sales of $3.36 billion per share, with estimates ranging from $3.27 billion to $3.45 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Red Hat.

Red Hat (NYSE:RHT) last announced its earnings results on Tuesday, December 19th. The open-source software company reported $0.73 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.03. The firm had revenue of $747.98 million during the quarter, compared to analysts’ expectations of $734.69 million. Red Hat had a return on equity of 26.23% and a net margin of 12.14%. The company’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.61 EPS.

A number of research firms recently issued reports on RHT. Deutsche Bank restated a “buy” rating and set a $120.00 price objective (up previously from $110.00) on shares of Red Hat in a report on Tuesday, September 26th. Robert W. Baird restated a “hold” rating on shares of Red Hat in a report on Tuesday, September 26th. Drexel Hamilton restated a “buy” rating and set a $130.00 price objective (up previously from $127.00) on shares of Red Hat in a report on Monday, September 25th. Cowen restated an “outperform” rating and set a $120.00 price objective on shares of Red Hat in a report on Sunday, September 24th. Finally, JPMorgan Chase & Co. restated an “overweight” rating and set a $117.00 price objective (up previously from $110.00) on shares of Red Hat in a report on Tuesday, September 26th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $124.25.

In other news, EVP Delisa Alexander sold 1,393 shares of the business’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $124.87, for a total value of $173,943.91. Following the completion of the transaction, the executive vice president now directly owns 36,420 shares of the company’s stock, valued at approximately $4,547,765.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO James M. Whitehurst sold 5,593 shares of the business’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $124.87, for a total value of $698,397.91. Following the completion of the transaction, the chief executive officer now directly owns 373,506 shares of the company’s stock, valued at $46,639,694.22. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Tredje AP fonden acquired a new position in Red Hat during the 3rd quarter valued at about $345,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Red Hat by 9.3% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,432 shares of the open-source software company’s stock valued at $1,600,000 after buying an additional 1,224 shares in the last quarter. State of Wisconsin Investment Board increased its position in 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. Great West Life Assurance Co. Can increased its position in Red Hat by 38.6% during the 3rd quarter. Great West Life Assurance Co. Can now owns 174,899 shares of the open-source software company’s stock valued at $19,201,000 after buying an additional 48,695 shares in the last quarter. Finally, American Century Companies Inc. increased its position in Red Hat by 6,697.1% during the 3rd quarter. American Century Companies Inc. now owns 953,634 shares of the open-source software company’s stock valued at $105,720,000 after buying an additional 939,604 shares in the last quarter. 94.32% of the stock is currently owned by institutional investors.

Red Hat (NYSE RHT) opened at $125.94 on Friday. Red Hat has a 1-year low of $73.46 and a 1-year high of $130.93. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $22,280.00, a price-to-earnings ratio of 68.45, a P/E/G ratio of 3.87 and a beta of 1.19.

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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.

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

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