Red Hat Inc. (NYSE:RHT) had its target price upped by investment analysts at BMO Capital Markets from $85.00 to $89.00 in a report issued on Thursday. The brokerage currently has an “outperform” rating on the open-source software company’s stock. BMO Capital Markets’ target price indicates a potential upside of 12.47% from the company’s current price.
A number of other equities analysts have also recently issued reports on the stock. Mizuho reiterated a “buy” rating and issued a $88.00 price target on shares of Red Hat in a research note on Wednesday, September 21st. Barclays PLC reiterated a “buy” rating and issued a $90.00 price target on shares of Red Hat in a research note on Thursday, September 15th. Vetr upgraded shares of Red Hat from a “buy” rating to a “strong-buy” rating and set a $81.54 price target on the stock in a research note on Wednesday, September 14th. Deutsche Bank AG reiterated a “buy” rating and issued a $95.00 price target on shares of Red Hat in a research note on Saturday, August 13th. Finally, Morgan Stanley cut shares of Red Hat from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $72.18 to $80.00 in a research note on Thursday, July 7th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-three have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $89.16.
Red Hat (NYSE:RHT) opened at 79.13 on Thursday. The company has a market cap of $14.27 billion, a price-to-earnings ratio of 66.55 and a beta of 1.32. Red Hat has a 12 month low of $59.59 and a 12 month high of $84.44. The firm’s 50-day moving average is $74.36 and its 200-day moving average is $74.24.
Red Hat (NYSE:RHT) last announced its quarterly 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 company had revenue of $599.80 million for the quarter. Red Hat had a net margin of 9.93% and a return on equity of 18.27%. The business’s revenue for the quarter was up 19.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.47 EPS. On average, analysts anticipate that Red Hat will post $2.22 EPS for the current fiscal year.
In other Red Hat news, EVP Michael Cunningham sold 10,000 shares of the stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $75.00, for a total value of $750,000.00. Following the sale, the executive vice president now owns 52,484 shares in the company, valued at $3,936,300. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Delisa Alexander sold 2,395 shares of the stock in a transaction on Tuesday, July 19th. The stock was sold at an average price of $72.83, for a total value of $174,427.85. Following the completion of the sale, 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 owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Red Hat during the fourth quarter worth $112,063,000. Emerald Acquisition Ltd. purchased a new position in shares of Red Hat during the second quarter valued at 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 valued at $91,461,000 after buying an additional 746,414 shares in the last quarter. 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 valued at $70,571,000 after buying an additional 667,933 shares in the last quarter. Finally, Bank of Montreal Can purchased a new position in shares of Red Hat during the second quarter valued at approximately $41,574,000. Institutional investors and hedge funds 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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