Advisors Asset Management Inc. lifted its position in shares of Red Hat Inc (NYSE:RHT) by 12.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,776 shares of the open-source software company’s stock after buying an additional 5,349 shares during the period. Advisors Asset Management Inc.’s holdings in Red Hat were worth $5,186,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. boosted its position in shares of Red Hat by 50.5% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 4,934 shares of the open-source software company’s stock worth $547,000 after buying an additional 1,655 shares during the period. Russell Investments Group Ltd. boosted its position in Red Hat by 25.4% during the third quarter. Russell Investments Group Ltd. now owns 1,061,749 shares of the open-source software company’s stock valued at $117,684,000 after purchasing an additional 215,007 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Red Hat by 9.2% during the third 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 during the last quarter. Strategy Asset Managers LLC acquired a new position in Red Hat during the third quarter valued at approximately $2,896,000. Finally, Los Angeles Capital Management & Equity Research Inc. acquired a new position in Red Hat during the third quarter valued at approximately $414,000. 93.85% of the stock is owned by institutional investors.
In other news, CEO James M. Whitehurst sold 12,000 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $111.15, for a total transaction of $1,333,800.00. Following the transaction, the chief executive officer now owns 392,979 shares in the company, valued at $43,679,615.85. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William S. Kaiser sold 14,000 shares of the firm’s stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $114.79, for a total value of $1,607,060.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,172 shares of company stock worth $3,926,377. 0.66% of the stock is owned by corporate insiders.
Shares of Red Hat Inc (RHT) traded up $1.07 during midday trading on Wednesday, hitting $121.94. The stock had a trading volume of 1,988,076 shares, compared to its average volume of 1,660,271. The company has a market capitalization of $21,449.83, a price-to-earnings ratio of 66.10, a P/E/G ratio of 3.82 and a beta of 1.19. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.30 and a current ratio of 1.30. Red Hat Inc has a one year low of $68.54 and a one year high of $129.61.
Red Hat (NYSE:RHT) last announced its earnings results on Monday, September 25th. The open-source software company reported $0.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.10. The company had revenue of $723.60 million for the quarter, compared to analyst estimates of $699.56 million. Red Hat had a return on equity of 25.27% and a net margin of 11.49%. The firm’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.55 earnings per share. research analysts predict that Red Hat Inc will post 2 earnings per share for the current fiscal year.
RHT has been the subject of several recent research reports. Barclays increased their price target on Red Hat from $105.00 to $120.00 and gave the company an “overweight” rating in a research report on Monday, September 18th. Bank of America reissued a “neutral” rating and set a $115.00 price target (up from $105.00) on shares of Red Hat in a research report on Tuesday, September 26th. Wells Fargo & Company reissued an “outperform” rating and set a $124.00 price target (up from $120.00) on shares of Red Hat in a research report on Wednesday, September 27th. Credit Suisse Group reissued a “neutral” rating and set a $113.00 price target (up from $111.00) on shares of Red Hat in a research report on Tuesday, September 26th. Finally, Zacks Investment Research cut Red Hat from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 22nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-four have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $111.86.
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Red Hat 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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