Red Hat Inc. (NYSE:RHT)‘s stock had its “buy” rating reissued by investment analysts at Credit Agricole SA in a research report issued to clients and investors on Friday. They presently have a $99.00 target price on the open-source software company’s stock. Credit Agricole SA’s target price would indicate a potential upside of 25.73% from the company’s current price.
Several other research analysts also recently weighed in on RHT. Drexel Hamilton reaffirmed a “buy” rating and set a $110.00 price objective (up from $105.00) on shares of Red Hat in a research report on Friday. William Blair reaffirmed an “outperform” rating on shares of Red Hat in a research report on Friday. Oppenheimer Holdings Inc. set a $88.00 price objective on shares of Red Hat and gave the company a “buy” rating in a research report on Thursday, September 22nd. JMP Securities reaffirmed a “buy” rating on shares of Red Hat in a research report on Thursday, September 22nd. Finally, Robert W. Baird boosted their price objective on shares of Red Hat from $85.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday. Two 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 stock has a consensus rating of “Buy” and a consensus price target of $89.16.
Shares of Red Hat (NYSE:RHT) opened at 78.74 on Friday. The company’s 50-day moving average is $74.45 and its 200-day moving average is $74.38. The firm has a market capitalization of $14.20 billion, a price-to-earnings ratio of 66.22 and a beta of 1.32. Red Hat has a 12-month low of $59.59 and a 12-month 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 for the quarter, topping the consensus estimate of $0.54 by $0.01. The business 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 was up 19.0% on a year-over-year basis. During the same period last year, the business earned $0.47 earnings per share. On average, equities analysts forecast that Red Hat will post $2.22 earnings per share for the current fiscal year.
In other Red Hat news, EVP Michael Cunningham sold 10,000 shares of the company’s stock in a transaction dated 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 directly owns 64,800 shares in the company, valued at approximately $4,739,472. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Delisa Alexander sold 2,395 shares of the company’s stock in a transaction dated Tuesday, July 19th. The shares were 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 $4,426,607.40. The disclosure for this sale can be found here. Corporate insiders own 0.76% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RHT. Nomura Asset Management Co. Ltd. increased its position in Red Hat by 3.2% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 19,310 shares of the open-source software company’s stock worth $1,599,000 after buying an additional 600 shares during the last quarter. Norges Bank acquired a new position in Red Hat during the fourth quarter worth about $112,063,000. DnB Asset Management AS acquired a new position in Red Hat during the first quarter worth about $1,151,000. Aperio Group LLC increased its position in Red Hat by 10.1% in the first quarter. Aperio Group LLC now owns 44,483 shares of the open-source software company’s stock worth $3,314,000 after buying an additional 4,079 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. acquired a new position in Red Hat during the first quarter worth about $297,000. 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.
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