Red Hat Inc (NYSE:RHT) has received an average recommendation of “Buy” from the thirty-two brokerages that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation and twenty have issued a buy recommendation on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $157.79.

Several analysts have issued reports on the company. Credit Suisse Group upped their price objective on Red Hat from $120.00 to $150.00 and gave the company a “neutral” rating in a research note on Tuesday, March 27th. JMP Securities upped their price objective on Red Hat from $140.00 to $175.00 and gave the company an “outperform” rating in a research note on Tuesday, March 27th. Royal Bank of Canada upped their price objective on Red Hat to $180.00 and gave the company a “positive” rating in a research note on Wednesday, May 9th. Wells Fargo & Co set a $180.00 price objective on Red Hat and gave the company a “buy” rating in a research note on Tuesday, March 27th. Finally, Citigroup upped their price objective on Red Hat to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 22nd.

In other Red Hat news, CEO James M. Whitehurst sold 4,422 shares of the company’s stock in a transaction that occurred on Tuesday, April 17th. The stock was sold at an average price of $161.32, for a total value of $713,357.04. Following the completion of the sale, the chief executive officer now directly owns 346,645 shares in the company, valued at $55,920,771.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James M. Whitehurst sold 20,529 shares of the company’s stock in a transaction that occurred on Monday, April 30th. The stock was sold at an average price of $164.23, for a total value of $3,371,477.67. The disclosure for this sale can be found here. Insiders sold a total of 87,876 shares of company stock valued at $14,161,349 over the last three months. Corporate insiders own 0.58% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RHT. Mount Yale Investment Advisors LLC acquired a new stake in shares of Red Hat during the 1st quarter valued at $103,000. We Are One Seven LLC acquired a new stake in shares of Red Hat during the 4th quarter valued at $105,000. Summit Trail Advisors LLC lifted its position in shares of Red Hat by 17,117.4% during the 1st quarter. Summit Trail Advisors LLC now owns 137,395 shares of the open-source software company’s stock valued at $137,000 after acquiring an additional 136,597 shares during the last quarter. Avestar Capital LLC acquired a new stake in shares of Red Hat during the 4th quarter valued at $168,000. Finally, Pitcairn Co. acquired a new stake in shares of Red Hat during the 1st quarter valued at $203,000. Hedge funds and other institutional investors own 95.28% of the company’s stock.

Red Hat traded up $2.94, hitting $145.00, on Friday, according to Marketbeat. 2,640,509 shares of the stock traded hands, compared to its average volume of 1,977,208. Red Hat has a twelve month low of $95.88 and a twelve month high of $177.70. The stock has a market capitalization of $24.87 billion, a P/E ratio of 62.02, a PEG ratio of 3.41 and a beta of 1.08. The company has a quick ratio of 1.36, a current ratio of 1.28 and a debt-to-equity ratio of 0.39.

Red Hat (NYSE:RHT) last announced its quarterly earnings data on Thursday, June 21st. The open-source software company reported $0.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.03. Red Hat had a return on equity of 30.40% and a net margin of 9.77%. The firm had revenue of $813.53 million for the quarter, compared to analysts’ expectations of $807.48 million. During the same quarter in the prior year, the firm posted $0.56 earnings per share. Red Hat’s revenue for the quarter was up 20.2% compared to the same quarter last year. analysts anticipate that Red Hat will post 2.56 EPS for the current year.

Red Hat declared that its Board of Directors has initiated a share repurchase program on Thursday, June 21st that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the open-source software company to repurchase up to 4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

About Red Hat

Red Hat, Inc provides open source software solutions to develop and offer operating system, virtualization, management, middleware, cloud, mobile, and storage technologies to various enterprises worldwide. It offers infrastructure-related solutions, such as Red Hat Enterprise Linux, an operating system platform that runs on hardware for use in hybrid cloud environments; Red Hat Satellite, a system management offering that helps to deploy, scale, and manage in hybrid cloud environments; and Red Hat Enterprise Virtualization, a software solution that allows customers to utilize and manage a common hardware infrastructure to run multiple operating systems and applications.

Analyst Recommendations for Red Hat (NYSE:RHT)

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