Red Hat, Inc. (RHT) Rating Increased to Buy at Evercore ISI
Red Hat, Inc. (NYSE:RHT) was upgraded by research analysts at Evercore ISI from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday. The firm currently has a $88.00 price objective on the open-source software company’s stock. Evercore ISI’s target price points to a potential upside of 19.96% from the company’s previous close.
Several other equities research analysts have also commented on RHT. Rosenblatt Securities restated a “buy” rating and set a $95.00 target price on shares of Red Hat in a research report on Monday, December 26th. Oppenheimer Holdings, Inc. set a $88.00 price objective on shares of Red Hat and gave the stock a “buy” rating in a research report on Thursday, September 22nd. JMP Securities reiterated an “outperform” rating and issued a $93.00 price objective (down from $97.00) on shares of Red Hat in a research report on Friday, December 23rd. Stifel Nicolaus lowered shares of Red Hat from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $87.00 to $70.00 in a research report on Thursday, December 22nd. Finally, Jefferies Group decreased their price objective on shares of Red Hat from $79.00 to $76.00 and set a “hold” rating on the stock in a research report on Thursday, December 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $86.48.
Shares of Red Hat (NYSE:RHT) opened at 73.36 on Friday. The firm has a market capitalization of $13.08 billion, a PE ratio of 56.00 and a beta of 1.47. The company’s 50-day moving average is $75.58 and its 200 day moving average is $75.49. Red Hat has a 52-week low of $59.59 and a 52-week high of $82.73.
Red Hat (NYSE:RHT) last issued its earnings results on Wednesday, December 21st. The open-source software company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.58 by $0.03. The company had revenue of $615 million for the quarter. Red Hat had a net margin of 10.36% and a return on equity of 20.57%. Red Hat’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.48 earnings per share. Equities analysts expect that Red Hat will post $2.27 earnings per share for the current fiscal year.
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In related news, EVP Delisa Alexander sold 1,121 shares of the firm’s stock in a transaction on Tuesday, October 18th. The stock was sold at an average price of $77.00, for a total transaction of $86,317.00. Following the transaction, the executive vice president now directly owns 57,356 shares in the company, valued at $4,416,412. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.76% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its position 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 period. BlackRock Institutional Trust Company N.A. raised its stake in shares of Red Hat by 16.2% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 5,407,019 shares of the open-source software company’s stock valued at $437,049,000 after buying an additional 753,192 shares in the last quarter. Smith Asset Management Group LP raised its stake in shares of Red Hat by 219.6% in the second quarter. Smith Asset Management Group LP now owns 972,049 shares of the open-source software company’s stock valued at $70,571,000 after buying an additional 667,933 shares in the last quarter. D. E. Shaw & Co. Inc. raised its stake in shares of Red Hat by 307.9% in the third quarter. D. E. Shaw & Co. Inc. now owns 797,406 shares of the open-source software company’s stock valued at $64,454,000 after buying an additional 601,913 shares in the last quarter. Finally, Bank of Montreal Can bought a new stake in shares of Red Hat during the second quarter valued at $41,574,000. Hedge funds and other institutional investors own 94.41% of the company’s stock.
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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