Red Hat, Inc. (NYSE:RHT) updated its third quarter earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.70 for the period, compared to the Thomson Reuters consensus estimate of $0.70. The company issued revenue guidance of $730-737 million, compared to the consensus revenue estimate of $710.50 million.Red Hat also updated its FY18 guidance to $2.77-2.89 EPS.
A number of brokerages have commented on RHT. JMP Securities lifted their price objective on shares of Red Hat from $107.00 to $122.00 and gave the stock an outperform rating in a research note on Wednesday, September 13th. Credit Suisse Group began coverage on shares of Red Hat in a research note on Tuesday, September 5th. They issued a neutral rating and a $111.00 price objective for the company. Drexel Hamilton reissued a buy rating and issued a $127.00 price objective on shares of Red Hat in a research note on Tuesday, September 19th. Wells Fargo & Company reaffirmed an outperform rating and set a $120.00 price target (up from $115.00) on shares of Red Hat in a research note on Tuesday, September 19th. Finally, Barclays PLC lifted their price target on shares of Red Hat from $105.00 to $120.00 and gave the stock an overweight rating in a research note on Monday, September 18th. Ten equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Red Hat presently has an average rating of Buy and an average target price of $103.99.
Red Hat, Inc. (NYSE RHT) traded down 0.54% on Monday, hitting $105.73. 4,178,529 shares of the company traded hands. Red Hat, Inc. has a 12 month low of $68.54 and a 12 month high of $108.39. The stock’s 50-day moving average is $103.43 and its 200 day moving average is $93.28. The firm has a market capitalization of $18.76 billion, a P/E ratio of 72.42 and a beta of 1.24.
Red Hat (NYSE:RHT) last announced its earnings results on Tuesday, September 19th. The open-source software company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.10. The business had revenue of $723.60 million for the quarter, compared to analysts’ expectations of $699.56 million. Red Hat had a net margin of 10.54% and a return on equity of 22.84%. The company’s quarterly revenue was up 20.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.55 EPS. Equities analysts forecast that Red Hat, Inc. will post $2.69 EPS for the current fiscal year.
In related news, CFO Eric Ryan Shander sold 1,521 shares of Red Hat stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $99.98, for a total value of $152,069.58. Following the transaction, the chief financial officer now directly owns 9,913 shares in the company, valued at approximately $991,101.74. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO James M. Whitehurst sold 12,000 shares of Red Hat stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $95.70, for a total transaction of $1,148,400.00. Following the completion of the transaction, the chief executive officer now owns 422,873 shares in the company, valued at $40,468,946.10. The disclosure for this sale can be found here. Insiders sold a total of 44,087 shares of company stock worth $4,265,012 over the last ninety days. Corporate insiders own 0.66% of the company’s stock.
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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