Red Hat, Inc. (NYSE:RHT) posted its earnings results on Tuesday. The open-source software company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.03, Bloomberg Earnings reports. The firm had revenue of $677 million during the quarter, compared to analyst estimates of $647.42 million. Red Hat had a net margin of 10.54% and a return on equity of 22.96%. The business’s quarterly revenue was up 19.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.50 EPS. Red Hat updated its Q2 guidance to $0.67 EPS and its FY18 guidance to $2.66-$2.70 EPS.
Red Hat (RHT) opened at 98.58 on Thursday. The firm has a market cap of $17.53 billion, a PE ratio of 70.92 and a beta of 1.30. The firm has a 50-day moving average of $88.93 and a 200-day moving average of $82.49. Red Hat has a 52-week low of $68.54 and a 52-week high of $99.75. Red Hat also was the recipient of unusually large options trading on Tuesday. Stock investors purchased 10,491 put options on the company. This is an increase of 828% compared to the average volume of 1,131 put options.
In other Red Hat news, EVP Paul J. Cormier sold 26,462 shares of the firm’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $91.57, for a total value of $2,423,125.34. Following the sale, the executive vice president now directly owns 189,578 shares of the company’s stock, valued at approximately $17,359,657.46. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Arun Oberoi sold 30,000 shares of the firm’s stock in a transaction dated Friday, April 28th. The stock was sold at an average price of $87.48, for a total value of $2,624,400.00. Following the completion of the sale, the executive vice president now directly owns 85,660 shares in the company, valued at $7,493,536.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 301,336 shares of company stock worth $26,596,492. 0.76% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. Columbia Partners L L C Investment Management acquired a new stake in shares of Red Hat during the first quarter worth about $1,274,000. Achmea Investment Management B.V. acquired a new stake in shares of Red Hat during the first quarter worth about $249,000. Bank of Nova Scotia raised its stake in shares of Red Hat by 933.1% in the first quarter. Bank of Nova Scotia now owns 40,849 shares of the open-source software company’s stock worth $3,533,000 after buying an additional 36,895 shares during the last quarter. Point72 Asia Hong Kong Ltd acquired a new stake in shares of Red Hat during the first quarter worth about $170,000. Finally, FNY Partners Fund LP acquired a new stake in shares of Red Hat during the first quarter worth about $389,000. 95.49% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on RHT. Stifel Nicolaus raised shares of Red Hat from a “hold” rating to a “buy” rating and lifted their target price for the company from $83.00 to $115.00 in a report on Wednesday. BMO Capital Markets boosted their price target on shares of Red Hat from $90.00 to $107.00 and gave the stock a “market perform” rating in a report on Wednesday. Robert W. Baird boosted their price target on shares of Red Hat from $90.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday. Pacific Crest cut their price target on shares of Red Hat from $115.00 to $97.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, BTIG Research cut their price target on shares of Red Hat from $120.00 to $95.00 and set a “buy” rating for the company in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $97.06.
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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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