Red Hat Downgraded to “Neutral” at Citigroup (RHT)
Red Hat (NYSE: RHT) was downgraded by equities research analysts at Citigroup from a “buy” rating to a “neutral” rating in a research note issued to investors on Tuesday. They currently have a $56.00 price target on the stock, down from their previous price target of $64.00.
Other equities research analysts have also recently issued reports about the stock. Analysts at TheStreet reiterated a “buy” rating on shares of Red Hat in a research note to investors on Friday, March 1st. Separately, analysts at Barclays Capital initiated coverage on shares of Red Hat in a research note to investors on Thursday, February 28th. They set an “overweight” rating and a $60.00 price target on the stock. Finally, analysts at RBC Capital reiterated an “outperform” rating on shares of Red Hat in a research note to investors on Tuesday, February 12th. They now have a $66.00 price target on the stock.
Eighteen research analysts have rated the stock with a buy rating, three have given an overweight rating, ten have given a hold rating, and one has issued a sell rating to the company. The stock has an average rating of “overweight” and an average target price of $61.08.
Red Hat opened at 53.14 on Tuesday. Red Hat has a 52-week low of $46.34 and a 52-week high of $62.75. The stock’s 50-day moving average is currently $53.69. The company has a market cap of $10.266 billion and a price-to-earnings ratio of 71.81.
Red Hat last posted its quarterly earnings results on Thursday, December 20th. The company reported $0.29 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.29. The company had revenue of $343.60 million for the quarter, compared to the consensus estimate of $337.57 million. During the same quarter in the previous year, the company posted $0.28 earnings per share. The company’s revenue for the quarter was up 18.5% on a year-over-year basis. Red Hat has set its Q4 guidance at $0.29-0.30 EPS. On average, analysts predict that Red Hat will post $1.17 earnings per share for the current fiscal year.
Red Hat, Inc. (Red Hat) is engaged in providing open source software solutions to the enterprise, including its Red Hat Enterprise Linux and JBoss Enterprise Middleware.
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