Red Hat Inc. (NYSE:RHT)‘s stock had its “hold” rating reiterated by stock analysts at Bank of America Corp. in a report issued on Thursday. They currently have a $90.00 target price on the open-source software company’s stock. Bank of America Corp.’s price target points to a potential upside of 13.74% from the company’s previous close.
A number of other research analysts also recently commented on RHT. Barclays PLC restated a “buy” rating and issued a $90.00 target price on shares of Red Hat in a research note on Thursday. Citigroup Inc. boosted their target price on Red Hat from $90.00 to $92.00 and gave the company a “buy” rating in a research note on Thursday. Jefferies Group restated a “hold” rating and issued a $79.00 target price (up previously from $75.00) on shares of Red Hat in a research note on Thursday. BMO Capital Markets boosted their target price on Red Hat from $85.00 to $89.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Mizuho restated a “buy” rating and issued a $88.00 target price on shares of Red Hat in a research note on Wednesday, September 21st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty-three have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $89.16.
Shares of Red Hat (NYSE:RHT) opened at 79.13 on Thursday. The firm has a market cap of $14.27 billion, a price-to-earnings ratio of 66.55 and a beta of 1.32. The firm’s 50-day moving average price is $74.36 and its 200-day moving average price is $74.24. Red Hat has a 52 week low of $59.59 and a 52 week 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 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.01. Red Hat had a return on equity of 18.27% and a net margin of 9.93%. The business had revenue of $599.80 million for the quarter. During the same quarter in the prior year, the firm posted $0.47 EPS. The business’s quarterly revenue was up 19.0% compared to the same quarter last year. Equities research analysts expect that Red Hat will post $2.22 EPS for the current fiscal year.
In other 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 transaction, the executive vice president now owns 52,484 shares of the company’s stock, valued at approximately $3,936,300. The transaction was disclosed in a document filed 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 shares were sold at an average price of $72.83, for a total value of $174,427.85. Following the completion of the transaction, the executive vice president now directly 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 insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new position in Red Hat during the fourth quarter worth $112,063,000. Emerald Acquisition Ltd. bought a new position in Red Hat during the second quarter worth $87,400,000. UBS Asset Management Americas Inc. increased its position in 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 increased its position in 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. Finally, Bank of Montreal Can bought a new position in Red Hat during the second quarter worth $41,574,000. 94.81% of the stock is currently owned by 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.
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.