Red Hat Inc. (NYSE:RHT)‘s stock had its “neutral” rating reiterated by research analysts at MKM Partners in a research report issued on Friday. They presently have a $75.00 price target on the open-source software company’s stock. MKM Partners’ price target suggests a potential downside of 5.22% from the company’s current price.
RHT has been the subject of a number of other reports. Vetr raised shares of Red Hat from a “buy” rating to a “strong-buy” rating and set a $81.54 target price for the company in a report on Thursday, September 8th. Mizuho reiterated a “buy” rating and issued a $88.00 price target on shares of Red Hat in a research report 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 report on Saturday, August 13th. Bank of America Corp. reiterated a “hold” rating and issued a $90.00 price target on shares of Red Hat in a research report on Thursday. Finally, Citigroup Inc. upped their price target on shares of Red Hat from $90.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. Red Hat currently has a consensus rating of “Buy” and a consensus target price of $89.16.
Red Hat (NYSE:RHT) opened at 79.13 on Friday. The stock has a market cap of $14.27 billion, a PE 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 company has a 50-day moving average of $74.36 and a 200-day moving average of $74.24.
Red Hat (NYSE:RHT) last announced its earnings results on Wednesday, September 21st. The open-source software company reported $0.55 EPS for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.01. Red Hat had a net margin of 9.93% and a return on equity of 18.27%. The business earned $599.80 million during the quarter. During the same period in the prior year, the company posted $0.47 earnings per share. The firm’s quarterly revenue was up 19.0% on a year-over-year basis. On average, equities analysts forecast that Red Hat will post $2.22 EPS for the current fiscal year.
In other Red Hat news, EVP Delisa Alexander sold 2,395 shares of the firm’s stock in a transaction that occurred on Tuesday, July 19th. The shares were sold at an average price of $72.83, for a total transaction of $174,427.85. Following the completion of the transaction, the executive vice president now directly owns 60,780 shares of the company’s stock, valued at approximately $4,426,607.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Cunningham sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $75.00, for a total transaction of $750,000.00. Following the transaction, the executive vice president now directly owns 52,484 shares of the company’s stock, valued at $3,936,300. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of RHT. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Red Hat during the second quarter worth about $532,000. Kentucky Retirement Systems acquired a new position in Red Hat during the second quarter worth about $1,120,000. Nomura Holdings Inc. raised its position in Red Hat by 21.6% in the second quarter. Nomura Holdings Inc. now owns 171,951 shares of the open-source software company’s stock worth $12,480,000 after buying an additional 30,498 shares in the last quarter. Mason Street Advisors LLC acquired a new position in Red Hat during the second quarter worth about $1,774,000. Finally, Braun Stacey Associates Inc. raised its position in Red Hat by 8.5% in the second quarter. Braun Stacey Associates Inc. now owns 172,240 shares of the open-source software company’s stock worth $12,505,000 after buying an additional 13,535 shares in the last quarter. 94.81% of the stock is owned by institutional investors.
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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