Red Hat Inc. (RHT) Earns “Buy” Rating from Mizuho
Mizuho reaffirmed their buy rating on shares of Red Hat Inc. (NYSE:RHT) in a research report released on Wednesday morning. They currently have a $88.00 target price on the open-source software company’s stock.
RHT has been the topic of a number of other reports. Vetr upgraded Red Hat from a buy rating to a strong-buy rating and set a $81.54 target price on the stock in a report on Thursday, September 8th. Deutsche Bank AG reiterated a buy rating and issued a $95.00 target price on shares of Red Hat in a report on Saturday, August 13th. Oppenheimer Holdings Inc. reiterated a buy rating and issued a $88.00 target price on shares of Red Hat in a report on Monday, June 6th. Royal Bank Of Canada reissued a buy rating on shares of Red Hat in a research report on Thursday, June 16th. Finally, Jefferies Group reissued a hold rating and issued a $75.00 price target on shares of Red Hat in a research report on Saturday, June 25th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. Red Hat has a consensus rating of Buy and a consensus price target of $87.69.
Red Hat (NYSE:RHT) opened at 73.80 on Wednesday. Red Hat has a 52-week low of $59.59 and a 52-week high of $84.44. The firm’s 50-day moving average is $74.02 and its 200-day moving average is $73.85. The company has a market capitalization of $13.36 billion, a PE ratio of 64.74 and a beta of 1.32.
Red Hat (NYSE:RHT) last issued its earnings results on Wednesday, June 22nd. The open-source software company reported $0.50 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.50. Red Hat had a return on equity of 18.27% and a net margin of 9.93%. The company had revenue of $567.90 million for the quarter, compared to analysts’ expectations of $562.76 million. During the same period last year, the business earned $0.44 EPS. Red Hat’s quarterly revenue was up 18.1% compared to the same quarter last year. On average, equities research analysts forecast that Red Hat will post $2.21 EPS for the current year.
In other news, EVP Delisa Alexander sold 2,395 shares of the business’s stock in a transaction that occurred on Tuesday, July 19th. The stock was sold at an average price of $72.83, for a total transaction of $174,427.85. Following the transaction, the executive vice president now directly owns 60,780 shares of the company’s stock, valued at $4,426,607.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Cunningham sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $73.14, for a total value of $731,400.00. Following the transaction, the executive vice president now directly owns 64,800 shares in the company, valued at $4,739,472. The disclosure for this sale can be found here. 0.76% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the stock. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Red Hat during the second quarter valued at about $532,000. Kentucky Retirement Systems acquired a new position in Red Hat during the second quarter valued at about $1,120,000. Nomura Holdings Inc. boosted its position in Red Hat by 21.6% in the second quarter. Nomura Holdings Inc. now owns 171,951 shares of the open-source software company’s stock valued at $12,480,000 after buying an additional 30,498 shares during the period. Mason Street Advisors LLC acquired a new position in Red Hat during the second quarter valued at about $1,774,000. Finally, Braun Stacey Associates Inc. boosted its position in Red Hat by 8.5% in the second quarter. Braun Stacey Associates Inc. now owns 172,240 shares of the open-source software company’s stock valued at $12,505,000 after buying an additional 13,535 shares during the period. 95.22% of the stock is currently owned by hedge funds and other institutional investors.
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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