According to Zacks, “Red Hat Inc. is a leading developer and provider of open source software and services, including the Red Hat Linux operating system. Unlike proprietary software, open source software has publicly available source code and can be copied, modified and distributed with minimal restrictions. The web site, REDHAT.COM, is a leading online source of information and news about open source software and one of the largest online communities of open source software users and developers. “
A number of other equities analysts have also recently issued reports on RHT. Robert W. Baird reiterated a buy rating on shares of Red Hat in a report on Thursday, June 23rd. Raymond James Financial Inc. reiterated a buy rating on shares of Red Hat in a report on Thursday, June 23rd. Oppenheimer Holdings Inc. set a $88.00 target price on Red Hat and gave the stock a buy rating in a report on Thursday, September 22nd. Stifel Nicolaus reiterated a buy rating on shares of Red Hat in a report on Thursday, June 23rd. Finally, Mizuho reiterated a buy rating and set a $88.00 target price on shares of Red Hat in a report on Thursday, June 23rd. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-four have assigned a buy rating to the stock. Red Hat currently has a consensus rating of Buy and a consensus price target of $89.33.
Red Hat (NYSE:RHT) opened at 79.65 on Thursday. The stock has a 50 day moving average price of $75.40 and a 200-day moving average price of $74.71. The company has a market capitalization of $14.36 billion, a price-to-earnings ratio of 66.99 and a beta of 1.52. Red Hat has a 1-year low of $59.59 and a 1-year high of $84.44.
Red Hat (NYSE:RHT) last released 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 firm earned $599.80 million during the quarter. Red Hat had a return on equity of 18.93% and a net margin of 9.84%. Red Hat’s revenue for the quarter was up 19.0% on a year-over-year basis. During the same quarter last year, the company posted $0.47 EPS. Equities analysts predict that Red Hat will post $2.24 earnings per share for the current year.
In other news, EVP Michael Cunningham sold 10,000 shares of Red Hat stock in a transaction 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 transaction, the executive vice president now owns 64,800 shares in the company, valued at $4,739,472. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Delisa Alexander sold 2,395 shares of Red Hat 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 in the company, valued at approximately $4,426,607.40. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of RHT. Emerald Acquisition Ltd. acquired a new position in shares of Red Hat during the second quarter worth approximately $87,400,000. UBS Asset Management Americas Inc. raised its position in shares of Red Hat by 155.1% in the first quarter. UBS Asset Management Americas Inc. now owns 1,227,508 shares of the open-source software company’s stock worth $91,461,000 after buying an additional 746,414 shares during the period. Smith Asset Management Group LP raised its position in shares of Red Hat by 219.6% in the second quarter. Smith Asset Management Group LP now owns 972,049 shares of the open-source software company’s stock worth $70,571,000 after buying an additional 667,933 shares during the period. Bank of Montreal Can acquired a new position in shares of Red Hat during the second quarter worth approximately $41,574,000. Finally, FMR LLC raised its position in shares of Red Hat by 5.1% in the second quarter. FMR LLC now owns 11,463,375 shares of the open-source software company’s stock worth $832,240,000 after buying an additional 558,296 shares during the period. Institutional investors own 94.81% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Red Hat Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Red Hat Inc. and related companies with MarketBeat.com's FREE daily email newsletter.