Red Hat Inc. (NYSE:RHT)‘s stock had its “outperform” rating reaffirmed by analysts at Raymond James Financial Inc. in a research note issued on Friday. They presently have a $90.00 target price on the open-source software company’s stock, up from their prior target price of $85.00. Raymond James Financial Inc.’s price target suggests a potential upside of 14.30% from the stock’s current price.
Other research analysts have also issued research reports about the stock. Robert W. Baird upped their price objective on shares of Red Hat from $85.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday. BMO Capital Markets reiterated an “outperform” rating and issued a $85.00 price objective (down previously from $88.00) on shares of Red Hat in a research note on Thursday, June 23rd. Mizuho reiterated a “buy” rating and issued a $88.00 price objective on shares of Red Hat in a research note on Wednesday, September 21st. Stifel Nicolaus reiterated a “buy” rating on shares of Red Hat in a research note on Thursday, June 23rd. Finally, Oppenheimer Holdings Inc. set a $88.00 price objective on shares of Red Hat and gave the company a “buy” rating in a research note on Thursday, September 22nd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty-three have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $89.16.
Shares of Red Hat (NYSE:RHT) opened at 78.74 on Friday. The stock has a market capitalization of $14.20 billion, a PE ratio of 66.22 and a beta of 1.32. The firm has a 50-day moving average of $74.45 and a 200 day moving average of $74.38. Red Hat has a 1-year low of $59.59 and a 1-year high of $84.44.
Red Hat (NYSE:RHT) last issued its quarterly earnings results on Wednesday, September 21st. The open-source software company reported $0.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.01. The business earned $599.80 million during the quarter. Red Hat had a net margin of 9.93% and a return on equity of 18.27%. The firm’s revenue was up 19.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.47 EPS. On average, equities analysts anticipate that Red Hat will post $2.22 earnings per share for the current fiscal year.
In other news, EVP Michael Cunningham sold 10,000 shares of Red Hat stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $73.14, for a total transaction of $731,400.00. Following the completion of the sale, the executive vice president now owns 64,800 shares in the company, valued at approximately $4,739,472. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Delisa Alexander sold 2,395 shares of Red Hat stock in a transaction that occurred on Tuesday, July 19th. The stock was sold at an average price of $72.83, for a total transaction of $174,427.85. Following the sale, the executive vice president now owns 60,780 shares of the company’s stock, valued at approximately $4,426,607.40. The disclosure for this sale can be found here. Insiders own 0.76% of the company’s stock.
Several large investors have recently modified their holdings of the company. Palisade Capital Management LLC NJ boosted its stake in shares of Red Hat by 11.9% in the first quarter. Palisade Capital Management LLC NJ now owns 33,900 shares of the open-source software company’s stock valued at $2,526,000 after buying an additional 3,600 shares in the last quarter. Champlain Investment Partners LLC raised its position in Red Hat by 1.1% in the first quarter. Champlain Investment Partners LLC now owns 840,890 shares of the open-source software company’s stock valued at $62,655,000 after buying an additional 9,275 shares during the last quarter. NN Investment Partners Holdings N.V. purchased a new position in Red Hat during the first quarter valued at $3,081,000. Acrospire Investment Management LLC purchased a new position in Red Hat during the first quarter valued at $261,000. Finally, Sentry Investment Management LLC raised its position in Red Hat by 179.0% in the first quarter. Sentry Investment Management LLC now owns 38,417 shares of the open-source software company’s stock valued at $2,862,000 after buying an additional 24,647 shares during the last quarter. Institutional investors own 94.81% 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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