Northland Securities restated their buy rating on shares of Red Hat (NYSE:RHT) in a report released on Thursday, December 21st. They currently have a $150.00 price objective on the open-source software company’s stock.
A number of other brokerages have also recently weighed in on RHT. Barclays boosted their price objective 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. Bank of America reiterated a neutral rating and set a $115.00 target price (up from $105.00) on shares of Red Hat in a research note on Tuesday, September 26th. Cowen reiterated a buy rating and set a $136.00 target price on shares of Red Hat in a research note on Monday, December 11th. Wells Fargo & Co reiterated an outperform rating and set a $124.00 target price (up from $120.00) on shares of Red Hat in a research note on Wednesday, September 27th. Finally, Royal Bank of Canada upped their target price on shares of Red Hat to $134.00 and gave the company an outperform rating in a research note on Thursday, December 14th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $124.25.
Shares of Red Hat (RHT) traded down $0.21 during trading on Thursday, hitting $125.95. 1,066,900 shares of the stock were exchanged, compared to its average volume of 1,920,000. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.37 and a quick ratio of 1.30. Red Hat has a twelve month low of $71.50 and a twelve month high of $130.93. The firm has a market capitalization of $22,290.00, a PE ratio of 68.45, a price-to-earnings-growth ratio of 3.79 and a beta of 1.19.
Red Hat (NYSE:RHT) last issued its quarterly earnings data on Tuesday, December 19th. The open-source software company reported $0.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.03. Red Hat had a net margin of 12.14% and a return on equity of 26.23%. The business had revenue of $747.98 million during the quarter, compared to analysts’ expectations of $734.69 million. During the same period in the previous year, the company earned $0.61 earnings per share. Red Hat’s revenue for the quarter was up 21.6% on a year-over-year basis. equities research analysts anticipate that Red Hat will post 2.08 EPS for the current year.
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 value of $349,534.64. Following the sale, the insider now owns 8,751 shares of the company’s stock, valued at approximately $1,059,133.53. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO James M. Whitehurst sold 4,211 shares of the company’s stock in a transaction dated Tuesday, October 17th. The stock was sold at an average price of $120.36, for a total transaction of $506,835.96. Following the completion of the sale, the chief executive officer now directly owns 380,158 shares in the company, valued at approximately $45,755,816.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 8,172 shares of company stock valued at $985,517. Corporate insiders own 0.66% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. D.A. Davidson & CO. grew its holdings in shares of Red Hat by 6.8% in the 2nd quarter. D.A. Davidson & CO. now owns 1,071 shares of the open-source software company’s stock worth $102,000 after purchasing an additional 68 shares during the last quarter. Clear Perspective Advisors LLC bought a new stake in shares of Red Hat in the 2nd quarter worth about $112,000. Sun Life Financial INC grew its holdings in shares of Red Hat by 14,837.5% in the 2nd quarter. Sun Life Financial INC now owns 1,195 shares of the open-source software company’s stock worth $114,000 after purchasing an additional 1,187 shares during the last quarter. BB&T Investment Services Inc. bought a new stake in shares of Red Hat in the 2nd quarter worth about $135,000. Finally, Global X Management Co. LLC grew its holdings in shares of Red Hat by 91.3% in the 2nd quarter. Global X Management Co. LLC now owns 1,542 shares of the open-source software company’s stock worth $148,000 after purchasing an additional 736 shares during the last quarter. 93.57% of the stock is currently owned by institutional investors and hedge funds.
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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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