Arizona State Retirement System Continues to Hold Position in Red Hat, Inc. (NYSE:RHT)
Arizona State Retirement System continued to hold its stake in Red Hat, Inc. (NYSE:RHT) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 44,100 shares of the open-source software company’s stock at the end of the second quarter. Arizona State Retirement System’s holdings in Red Hat were worth $4,223,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of RHT. Shine Investment Advisory Services Inc. bought a new stake in Red Hat during the second quarter worth about $117,000. State of Alaska Department of Revenue bought a new stake in Red Hat during the second quarter worth about $122,000. Bronfman E.L. Rothschild L.P. raised its stake in Red Hat by 1.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,521 shares of the open-source software company’s stock worth $132,000 after buying an additional 21 shares during the period. YorkBridge Wealth Partners LLC raised its stake in Red Hat by 102.4% in the first quarter. YorkBridge Wealth Partners LLC now owns 1,538 shares of the open-source software company’s stock worth $136,000 after buying an additional 778 shares during the period. Finally, Global X Management Co. LLC raised its stake in Red Hat by 91.3% in the second quarter. Global X Management Co. LLC now owns 1,542 shares of the open-source software company’s stock worth $148,000 after buying an additional 736 shares during the period. Institutional investors and hedge funds own 93.23% of the company’s stock.
Red Hat, Inc. (RHT) opened at 99.74 on Tuesday. The stock has a market cap of $17.70 billion, a price-to-earnings ratio of 68.32 and a beta of 1.26. Red Hat, Inc. has a 12-month low of $68.54 and a 12-month high of $101.72. The company’s 50 day moving average price is $97.94 and its 200-day moving average price is $88.74.
Red Hat (NYSE:RHT) last issued its earnings results on Tuesday, June 20th. The open-source software company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.03. The business had revenue of $677 million for the quarter, compared to analyst estimates of $647.42 million. Red Hat had a net margin of 10.54% and a return on equity of 22.84%. The company’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.50 EPS. On average, analysts forecast that Red Hat, Inc. will post $2.66 EPS for the current year.
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A number of research firms have recently issued reports on RHT. Deutsche Bank AG upped their price target on Red Hat from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, June 21st. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $96.00 price objective (up from $94.00) on shares of Red Hat in a research report on Wednesday, May 10th. Mizuho lowered their price objective on Red Hat from $109.00 to $96.00 and set a “buy” rating for the company in a research report on Wednesday, June 21st. Pacific Crest lowered their price objective on Red Hat from $115.00 to $97.00 and set an “overweight” rating for the company in a research report on Wednesday, June 21st. Finally, BTIG Research lowered their price objective on Red Hat from $120.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday, June 21st. Nine equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $98.72.
In other news, EVP Paul J. Cormier sold 30,000 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $90.35, for a total value of $2,710,500.00. Following the sale, the executive vice president now owns 249,578 shares in the company, valued at approximately $22,549,372.30. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William S. Kaiser sold 4,006 shares of the company’s stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $96.43, for a total transaction of $386,298.58. Following the completion of the sale, the director now owns 91,808 shares in the company, valued at approximately $8,853,045.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 130,549 shares of company stock worth $12,133,438. Company insiders own 0.66% 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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