Traders Sell Red Hat (RHT) on Strength (RHT)

Investors sold shares of Red Hat Inc (NYSE:RHT) on strength during trading hours on Tuesday. $48.97 million flowed into the stock on the tick-up and $67.50 million flowed out of the stock on the tick-down, for a money net flow of $18.53 million out of the stock. Of all equities tracked, Red Hat had the 0th highest net out-flow for the day. Red Hat traded up $0.56 for the day and closed at $120.87

Several brokerages recently issued reports on RHT. KeyCorp reissued an “overweight” rating and set a $135.00 price objective (up from $125.00) on shares of Red Hat in a report on Monday. Bank of America reaffirmed an “underperform” rating and issued a $115.00 price target on shares of Red Hat in a report on Tuesday, October 24th. Zacks Investment Research raised shares of Red Hat from a “hold” rating to a “buy” rating and set a $140.00 price target on the stock in a report on Tuesday. Deutsche Bank reaffirmed a “buy” rating and issued a $130.00 price target on shares of Red Hat in a report on Monday, October 2nd. Finally, BTIG Research reaffirmed a “buy” rating and issued a $120.00 price target on shares of Red Hat in a report on Wednesday, September 27th. One equities 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. Red Hat currently has a consensus rating of “Buy” and an average target price of $111.86.

The company has a debt-to-equity ratio of 0.54, a current ratio of 1.30 and a quick ratio of 1.30. The firm has a market cap of $22,332.36, a P/E ratio of 68.82, a P/E/G ratio of 3.98 and a beta of 1.19.

Red Hat (NYSE:RHT) last posted its quarterly earnings data on Monday, September 25th. The open-source software company reported $0.77 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.10. Red Hat had a net margin of 11.49% and a return on equity of 25.27%. The business had revenue of $723.60 million during the quarter, compared to the consensus estimate of $699.56 million. During the same period in the previous year, the firm posted $0.55 earnings per share. The business’s revenue for the quarter was up 20.6% compared to the same quarter last year. analysts anticipate that Red Hat Inc will post 2 earnings per share for the current fiscal year.

In related news, EVP Delisa Alexander sold 1,073 shares of the business’s stock in a transaction 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 transaction, the executive vice president now directly owns 38,150 shares in the company, valued at $4,591,734. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael A. Kelly sold 2,888 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at $1,059,133.53. The disclosure for this sale can be found here. Insiders have sold 34,172 shares of company stock valued at $3,926,377 over the last 90 days. 0.66% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. D.A. Davidson & CO. raised its position in shares of Red Hat by 6.8% in the second quarter. D.A. Davidson & CO. now owns 1,071 shares of the open-source software company’s stock worth $102,000 after acquiring an additional 68 shares during the period. Nordea Investment Management AB raised its position in shares of Red Hat by 1.3% in the second quarter. Nordea Investment Management AB now owns 7,011 shares of the open-source software company’s stock worth $671,000 after acquiring an additional 92 shares during the period. Gyroscope Capital Management Group LLC raised its position in shares of Red Hat by 4.0% in the second quarter. Gyroscope Capital Management Group LLC now owns 2,429 shares of the open-source software company’s stock worth $233,000 after acquiring an additional 93 shares during the period. Outfitter Advisors LTD. raised its position in shares of Red Hat by 0.9% in the second quarter. Outfitter Advisors LTD. now owns 11,120 shares of the open-source software company’s stock worth $1,065,000 after acquiring an additional 100 shares during the period. Finally, Gofen & Glossberg LLC IL raised its position in shares of Red Hat by 0.3% in the second quarter. Gofen & Glossberg LLC IL now owns 44,097 shares of the open-source software company’s stock worth $4,222,000 after acquiring an additional 151 shares during the period. Institutional investors own 93.85% 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.

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