Red Hat Inc. (NYSE:RHT) posted its earnings results on Wednesday. The open-source software company reported $0.55 earnings per share (EPS) 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 firm had revenue of $599.80 million for the quarter, compared to analyst estimates of $593.34 million. During the same quarter in the prior year, the company earned $0.47 EPS. Red Hat’s revenue was up 19.0% on a year-over-year basis.
Shares of Red Hat (NYSE:RHT) traded up 1.66% during midday trading on Wednesday, hitting $77.04. 2,906,923 shares of the company’s stock traded hands. The company has a 50 day moving average price of $73.96 and a 200 day moving average price of $74.09. The firm has a market capitalization of $13.95 billion, a price-to-earnings ratio of 67.58 and a beta of 1.32. Red Hat has a 1-year low of $59.59 and a 1-year high of $84.44.
A number of equities research analysts recently issued reports on RHT shares. Vetr lowered Red Hat from a “strong-buy” rating to a “buy” rating and set a $84.24 target price on the stock. in a research note on Wednesday, June 1st. Oppenheimer Holdings Inc. reaffirmed a “buy” rating and issued a $88.00 target price on shares of Red Hat in a research note on Monday, June 6th. Barclays PLC reaffirmed an “overweight” rating and issued a $90.00 target price on shares of Red Hat in a research note on Wednesday, June 15th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Red Hat in a research note on Thursday, June 16th. Finally, Deutsche Bank AG reaffirmed a “buy” rating on shares of Red Hat in a research note on Friday, June 17th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $87.69.
In other Red Hat news, EVP Delisa Alexander sold 2,395 shares of the business’s stock in a transaction dated Tuesday, July 19th. The shares were sold at an average price of $72.83, for a total value of $174,427.85. Following the transaction, the executive vice president now directly owns 60,780 shares in the company, valued at $4,426,607.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Michael Cunningham sold 10,000 shares of the business’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $75.00, for a total transaction of $750,000.00. Following the completion of the transaction, the executive vice president now owns 52,484 shares in the company, valued at $3,936,300. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. raised 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. Wall Street Associates purchased a new position in Red Hat during the second quarter worth approximately $247,000. Bank of Nova Scotia raised its position in Red Hat by 6.7% in the second quarter. Bank of Nova Scotia now owns 3,644 shares of the open-source software company’s stock worth $265,000 after buying an additional 230 shares during the period. Veritable L.P. raised its position in Red Hat by 38.3% in the second quarter. Veritable L.P. now owns 4,521 shares of the open-source software company’s stock worth $328,000 after buying an additional 1,253 shares during the period. Finally, Baird Financial Group Inc. purchased a new position in Red Hat during the second quarter worth approximately $343,000. Hedge funds and other institutional investors 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.
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.