Red Hat Inc. (RHT) Position Increased by Princeton Capital Management Inc.
Princeton Capital Management Inc. boosted its stake in Red Hat Inc. (NYSE:RHT) by 29.1% during the second quarter, Holdings Channel reports. The institutional investor owned 6,945 shares of the open-source software company’s stock after buying an additional 1,565 shares during the period. Princeton Capital Management Inc.’s holdings in Red Hat were worth $504,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of Montreal Can purchased a new position in Red Hat during the second quarter valued at approximately $41,574,000. Shell Asset Management Co. raised its position in Red Hat by 48.5% in the second quarter. Shell Asset Management Co. now owns 18,696 shares of the open-source software company’s stock valued at $1,357,000 after buying an additional 6,102 shares in the last quarter. Trust Co. of Toledo NA OH raised its position in Red Hat by 18.3% in the second quarter. Trust Co. of Toledo NA OH now owns 5,521 shares of the open-source software company’s stock valued at $401,000 after buying an additional 854 shares in the last quarter. Oakbrook Investments LLC raised its position in Red Hat by 74.6% in the second quarter. Oakbrook Investments LLC now owns 17,200 shares of the open-source software company’s stock valued at $1,249,000 after buying an additional 7,350 shares in the last quarter. Finally, YHB Investment Advisors Inc. purchased a new position in Red Hat during the second quarter valued at approximately $302,000. Institutional investors and hedge funds own 95.22% of the company’s stock.
Red Hat Inc. (NYSE:RHT) traded down 0.21% during midday trading on Tuesday, reaching $75.78. The company had a trading volume of 1,430,984 shares. Red Hat Inc. has a 52-week low of $59.59 and a 52-week high of $84.44. The company’s 50 day moving average is $73.96 and its 200-day moving average is $74.09. The company has a market capitalization of $13.72 billion, a P/E ratio of 66.47 and a beta of 1.32.
Several research analysts have recently commented on the company. Barclays PLC restated a “buy” rating and set a $90.00 price target on shares of Red Hat in a research report on Thursday, September 15th. Mizuho reiterated a “buy” rating and issued a $88.00 target price on shares of Red Hat in a report on Wednesday, September 14th. Vetr upgraded Red Hat from a “buy” rating to a “strong-buy” rating and set a $81.54 target price for the company in a report on Wednesday, September 14th. 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. Finally, Morgan Stanley lowered Red Hat from an “overweight” rating to an “equal weight” rating and lifted their target price for the company from $72.18 to $80.00 in a report on Thursday, July 7th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, five have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $87.69.
In other Red Hat news, EVP Michael Cunningham sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $75.00, for a total value of $750,000.00. Following the sale, the executive vice president now owns 52,484 shares in the company, valued at $3,936,300. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Delisa Alexander sold 2,395 shares of the firm’s stock in a transaction that occurred on Tuesday, July 19th. The shares were sold at an average price of $72.83, for a total transaction of $174,427.85. Following the completion of the sale, the executive vice president now owns 60,780 shares in the company, valued at approximately $4,426,607.40. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by company insiders.
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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