Red Hat Inc. (NYSE:RHT) was downgraded by equities researchers at Vetr from a “buy” rating to a “hold” rating in a note issued to investors on Thursday. They currently have a $81.54 target price on the open-source software company’s stock. Vetr‘s price objective indicates a potential upside of 1.90% from the stock’s previous close.
A number of other equities analysts have also recently issued reports on the company. Bank of America Corp. restated a “hold” rating and issued a $90.00 target price on shares of Red Hat in a report on Thursday. Barclays PLC restated a “buy” rating on shares of Red Hat in a report on Thursday. Citigroup Inc. lifted their target price on Red Hat from $90.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday. Jefferies Group lifted their target price on Red Hat from $75.00 to $79.00 and gave the stock a “hold” rating in a report on Thursday. Finally, BMO Capital Markets lifted their target price on Red Hat from $85.00 to $89.00 and gave the stock an “outperform” rating in a report on Thursday. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-three have assigned a buy rating to the company. Red Hat currently has an average rating of “Buy” and an average target price of $88.50.
Red Hat (NYSE:RHT) traded up 3.87% during trading on Thursday, hitting $80.02. The stock had a trading volume of 7,806,231 shares. The firm’s 50 day moving average is $74.23 and its 200 day moving average is $74.16. Red Hat has a 1-year low of $59.59 and a 1-year high of $84.44. The firm has a market cap of $14.49 billion, a price-to-earnings ratio of 70.19 and a beta of 1.32.
Red Hat (NYSE:RHT) last issued its earnings results on Wednesday, September 21st. The open-source software company reported $0.55 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.01. The business had revenue of $599.80 million for the quarter. Red Hat had a return on equity of 18.27% and a net margin of 9.93%. The business’s revenue was up 19.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.47 earnings per share. On average, analysts anticipate that Red Hat will post $2.21 earnings per share for the current year.
In other Red Hat news, EVP Delisa Alexander sold 2,395 shares of the company’s stock in a transaction 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 transaction, the executive vice president now owns 60,780 shares of the company’s stock, valued at approximately $4,426,607.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Michael Cunningham sold 10,000 shares of the company’s stock in a transaction on Monday, July 11th. The stock was sold at an average price of $73.14, for a total value of $731,400.00. Following the transaction, the executive vice president now directly owns 64,800 shares in the company, valued at approximately $4,739,472. The disclosure for this sale can be found here. Company insiders own 0.76% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of RHT. Wunderlich Capital Managemnt bought a new position in Red Hat during the second quarter worth $137,000. Mizuho Asset Management Co. Ltd. increased its position in Red Hat by 125.8% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,393 shares of the open-source software company’s stock worth $174,000 after buying an additional 1,333 shares during the period. Hills Bank & Trust Co. bought a new position in Red Hat during the second quarter worth $222,000. Pacer Advisors Inc. increased its position in Red Hat by 10.8% in the second quarter. Pacer Advisors Inc. now owns 3,392 shares of the open-source software company’s stock worth $246,000 after buying an additional 331 shares during the period. Finally, Wall Street Associates bought a new position in Red Hat during the second quarter worth $247,000. 94.81% of the stock is currently owned by hedge funds and other institutional investors.
About Red Hat
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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