Red Hat Inc. (RHT) Updates FY17 Earnings Guidance
Red Hat Inc. (NYSE:RHT) updated its FY17 earnings guidance on Wednesday. The company provided EPS guidance of $2.23-2.25 for the period, compared to the Thomson Reuters consensus EPS estimate of $2.21. The company issued revenue guidance of $2.415-2.535 billion, compared to the consensus revenue estimate of $2.40 billion.Red Hat also updated its Q3 guidance to $0.58 EPS.
A number of equities analysts recently commented on the company. Mizuho restated a buy rating on shares of Red Hat in a report on Wednesday. Drexel Hamilton reaffirmed a buy rating and issued a $105.00 price target on shares of Red Hat in a research report on Monday, June 20th. Morgan Stanley lowered Red Hat from an overweight rating to an equal weight rating and increased their price target for the company from $72.18 to $80.00 in a research report on Thursday, July 7th. They noted that the move was a valuation call. Deutsche Bank AG reaffirmed a buy rating on shares of Red Hat in a research report on Friday, June 17th. Finally, BTIG Research reaffirmed a buy rating and issued a $92.00 price target on shares of Red Hat in a research report on Thursday, June 23rd. Two analysts have rated the stock with a sell rating, five have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and an average target price of $87.69.
Red Hat Inc. (NYSE:RHT) traded up 1.66% during trading on Wednesday, hitting $77.04. The stock had a trading volume of 2,935,170 shares. The firm’s 50-day moving average price is $73.96 and its 200-day moving average price is $74.09. Red Hat Inc. has a 1-year low of $59.59 and a 1-year high of $84.44. The stock has a market cap of $13.95 billion, a PE ratio of 67.58 and a beta of 1.32.
Red Hat (NYSE:RHT) last announced its quarterly earnings results on Wednesday, September 21st. The open-source software company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.01. The business had revenue of $599.80 million for the quarter, compared to analysts’ expectations of $593.34 million. Red Hat had a return on equity of 18.27% and a net margin of 9.93%. The business’s quarterly revenue was up 19.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.47 EPS. On average, equities research analysts predict that Red Hat Inc. will post $2.21 earnings per share for the current fiscal year.
In other news, EVP Delisa Alexander sold 2,395 shares of the 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 sale, the executive vice president now directly owns 60,780 shares in the company, valued at approximately $4,426,607.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Cunningham sold 10,000 shares of the stock in a transaction that occurred on Tuesday, July 26th. The stock was 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 disclosure for this sale can be found here. Insiders own 0.76% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. United Services Automobile Association boosted its stake in shares of Red Hat by 1.3% in the second quarter. United Services Automobile Association now owns 79,607 shares of the open-source software company’s stock worth $5,779,000 after buying an additional 1,000 shares during the last quarter. Cipher Capital LP raised its position in shares of Red Hat by 11.8% in the second quarter. Cipher Capital LP now owns 32,405 shares of the open-source software company’s stock worth $2,353,000 after buying an additional 3,428 shares during the period. OMERS ADMINISTRATION Corp acquired a new position in shares of Red Hat during the second quarter worth about $2,026,000. Gideon Capital Advisors Inc. acquired a new position in shares of Red Hat during the second quarter worth about $587,000. Finally, Comerica Bank raised its position in shares of Red Hat by 12.7% in the second quarter. Comerica Bank now owns 87,231 shares of the open-source software company’s stock worth $6,557,000 after buying an additional 9,833 shares during the period. Institutional investors and hedge funds own 94.81% of the company’s stock.
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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