Red Hat Inc (NYSE:RHT) posted its earnings results on Monday. The open-source software company reported $0.61 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 last year, the firm earned $0.52 earnings per share. The company’s revenue for the quarter was up 15.7% compared to the same quarter last year. Red Hat updated its Q1 guidance to $0.52-0.53 EPS and its FY18 guidance to $2.60-2.64 EPS.
Shares of Red Hat (NYSE:RHT) opened at 82.20 on Tuesday. Red Hat has a 12 month low of $68.54 and a 12 month high of $85.01. The firm has a market capitalization of $14.66 billion, a PE ratio of 62.75 and a beta of 1.44. The stock’s 50 day moving average price is $82.12 and its 200-day moving average price is $77.84.
In other news, CEO James M. Whitehurst sold 5,099 shares of Red Hat stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $83.69, for a total value of $426,735.31. Following the transaction, the chief executive officer now directly owns 429,072 shares in the company, valued at $35,909,035.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Delisa Alexander sold 16,712 shares of Red Hat stock in a transaction dated Friday, January 20th. The stock was sold at an average price of $73.67, for a total value of $1,231,173.04. Following the completion of the transaction, the executive vice president now owns 37,373 shares in the company, valued at $2,753,268.91. The disclosure for this sale can be found here. Insiders sold 23,176 shares of company stock worth $1,757,321 over the last quarter. 0.76% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of RHT. Acrospire Investment Management LLC raised its position in shares of Red Hat by 36.4% in the third quarter. Acrospire Investment Management LLC now owns 1,500 shares of the open-source software company’s stock valued at $121,000 after buying an additional 400 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its position in shares of Red Hat by 183.3% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 1,700 shares of the open-source software company’s stock valued at $137,000 after buying an additional 1,100 shares during the last quarter. Penserra Capital Management LLC raised its position in shares of Red Hat by 94.9% in the third quarter. Penserra Capital Management LLC now owns 1,783 shares of the open-source software company’s stock valued at $143,000 after buying an additional 868 shares during the last quarter. Cedar Capital LLC acquired a new position in shares of Red Hat during the third quarter valued at about $204,000. Finally, People s United Financial Inc. acquired a new position in shares of Red Hat during the third quarter valued at about $205,000. Institutional investors and hedge funds own 95.36% of the company’s stock.
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RHT has been the subject of a number of recent research reports. Cowen and Company lowered their target price on Red Hat from $82.00 to $80.00 and set an “outperform” rating for the company in a research note on Tuesday, March 21st. Vetr lowered Red Hat from a “strong-buy” rating to a “buy” rating and set a $88.40 target price for the company. in a research note on Tuesday, November 29th. William Blair reiterated an “outperform” rating on shares of Red Hat in a research note on Wednesday, March 22nd. Evercore ISI upgraded Red Hat from a “hold” rating to a “buy” rating and set a $88.00 target price for the company in a research note on Saturday, January 14th. Finally, Drexel Hamilton reiterated a “buy” rating and issued a $105.00 target price on shares of Red Hat in a research note on Friday. Nine research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Red Hat presently has an average rating of “Buy” and a consensus price target of $87.55.
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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