Red Hat Inc (NYSE:RHT) had its price objective increased by stock analysts at Cowen and Company to $93.00 in a research note issued on Tuesday. Cowen and Company’s price target would indicate a potential upside of 13.14% from the stock’s previous close.
A number of other equities research analysts have also issued reports on the company. Vetr upgraded Red Hat from a “buy” rating to a “strong-buy” rating and set a $81.50 price target for the company in a research note on Tuesday, January 10th. William Blair reiterated an “outperform” rating on shares of Red Hat in a research note on Thursday, January 5th. Wells Fargo & Co started coverage on Red Hat in a research note on Wednesday, January 11th. They issued an “outperform” rating for the company. Evercore ISI upgraded Red Hat from a “hold” rating to a “buy” rating and set a $88.00 price target for the company in a research note on Saturday, January 14th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Red Hat in a research note on Wednesday, February 1st. Nine equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Red Hat has an average rating of “Buy” and an average price target of $89.79.
Shares of Red Hat (NYSE:RHT) opened at 82.20 on Tuesday. The company has a market cap of $14.66 billion, a price-to-earnings ratio of 62.75 and a beta of 1.44. Red Hat has a 1-year low of $68.54 and a 1-year high of $85.01. The stock has a 50 day moving average price of $82.12 and a 200-day moving average price of $77.84.
Red Hat (NYSE:RHT) last issued its quarterly earnings results on Monday, March 27th. The open-source software company reported $0.61 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.61. Red Hat had a return on equity of 20.57% and a net margin of 10.36%. The business earned $628.80 million during the quarter, compared to analyst estimates of $618.64 million. During the same quarter in the prior year, the business posted $0.52 EPS. Red Hat’s revenue for the quarter was up 15.7% compared to the same quarter last year. Equities research analysts forecast that Red Hat will post $2.27 earnings per share for the current year.
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In other Red Hat news, EVP Delisa Alexander sold 1,365 shares of the firm’s stock in a transaction dated Wednesday, January 18th. The shares were sold at an average price of $72.83, for a total value of $99,412.95. Following the completion of the sale, the executive vice president now owns 55,450 shares of the company’s stock, valued at $4,038,423.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO James M. Whitehurst sold 5,099 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $83.69, for a total transaction of $426,735.31. Following the completion of the sale, the chief executive officer now directly owns 429,072 shares of the company’s stock, valued at approximately $35,909,035.68. The disclosure for this sale can be found here. In the last three months, insiders sold 23,176 shares of company stock valued at $1,757,321. 0.76% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its stake in shares of Red Hat by 24.3% in the third quarter. Price T Rowe Associates Inc. MD now owns 20,244,633 shares of the open-source software company’s stock valued at $1,636,374,000 after buying an additional 3,954,374 shares during the last quarter. Norges Bank purchased a new stake in shares of Red Hat during the fourth quarter valued at about $115,191,000. Russell Investments Group Ltd. purchased a new stake in shares of Red Hat during the fourth quarter valued at about $66,426,000. William Blair Investment Management LLC increased its stake in shares of Red Hat by 28.4% in the fourth quarter. William Blair Investment Management LLC now owns 4,260,498 shares of the open-source software company’s stock valued at $296,957,000 after buying an additional 942,852 shares during the last quarter. Finally, Fred Alger Management Inc. increased its stake in shares of Red Hat by 433.3% in the fourth quarter. Fred Alger Management Inc. now owns 993,792 shares of the open-source software company’s stock valued at $69,268,000 after buying an additional 807,431 shares during the last quarter. 95.36% of the stock is owned by institutional investors and hedge funds.
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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