Bank of Montreal Can Buys 381,349 Shares of Red Hat, Inc. (NYSE:RHT)
Bank of Montreal Can boosted its stake in Red Hat, Inc. (NYSE:RHT) by 196.0% during the second quarter, Holdings Channel reports. The firm owned 575,911 shares of the open-source software company’s stock after buying an additional 381,349 shares during the period. Bank of Montreal Can’s holdings in Red Hat were worth $55,143,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Red Hat by 2.4% in the first quarter. Vanguard Group Inc. now owns 17,147,907 shares of the open-source software company’s stock valued at $1,483,294,000 after buying an additional 399,260 shares during the period. FMR LLC increased its stake in Red Hat by 3.3% in the first quarter. FMR LLC now owns 10,079,689 shares of the open-source software company’s stock valued at $871,894,000 after buying an additional 317,464 shares during the period. Sustainable Growth Advisers LP increased its stake in Red Hat by 3.8% in the first quarter. Sustainable Growth Advisers LP now owns 2,425,693 shares of the open-source software company’s stock valued at $209,823,000 after buying an additional 88,232 shares during the period. DF Dent & Co. Inc. increased its stake in Red Hat by 2.7% in the first quarter. DF Dent & Co. Inc. now owns 1,803,495 shares of the open-source software company’s stock valued at $156,002,000 after buying an additional 47,219 shares during the period. Finally, Geode Capital Management LLC increased its stake in Red Hat by 8.8% in the first quarter. Geode Capital Management LLC now owns 1,681,066 shares of the open-source software company’s stock valued at $145,198,000 after buying an additional 135,533 shares during the period. 95.39% of the stock is currently owned by hedge funds and other institutional investors.
Red Hat, Inc. (RHT) opened at 98.84 on Thursday. The firm has a market cap of $17.54 billion, a P/E ratio of 67.70 and a beta of 1.26. The firm’s 50-day moving average price is $90.80 and its 200 day moving average price is $83.41. Red Hat, Inc. has a 52 week low of $68.54 and a 52 week high of $100.80.
Red Hat (NYSE:RHT) last posted its quarterly earnings results on Tuesday, June 20th. The open-source software company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.03. Red Hat had a return on equity of 22.84% and a net margin of 10.54%. The business had revenue of $677 million for the quarter, compared to analyst estimates of $647.42 million. During the same period last year, the company earned $0.50 EPS. Red Hat’s revenue for the quarter was up 19.2% compared to the same quarter last year. Equities analysts forecast that Red Hat, Inc. will post $2.68 earnings per share for the current fiscal year.
Several equities research analysts recently issued reports on RHT shares. Cowen and Company dropped their price target on shares of Red Hat from $82.00 to $80.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 21st. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $105.00 price objective (up from $96.00) on shares of Red Hat in a report on Thursday, June 22nd. William Blair reissued an “outperform” rating on shares of Red Hat in a report on Wednesday, March 22nd. Piper Jaffray Companies initiated coverage on shares of Red Hat in a report on Friday, June 23rd. They set a “neutral” rating and a $100.00 price objective for the company. Finally, Drexel Hamilton reissued a “buy” rating and set a $105.00 price objective on shares of Red Hat in a report on Friday, March 24th. Nine equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $99.02.
In related news, CEO James M. Whitehurst sold 47,608 shares of Red Hat stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $88.11, for a total transaction of $4,194,740.88. Following the sale, the chief executive officer now directly owns 397,380 shares in the company, valued at $35,013,151.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Delisa Alexander sold 1,440 shares of Red Hat stock in a transaction that occurred on Tuesday, April 18th. The shares were sold at an average price of $85.81, for a total value of $123,566.40. Following the sale, the executive vice president now owns 36,662 shares in the company, valued at $3,145,966.22. The disclosure for this sale can be found here. Over the last quarter, insiders sold 274,025 shares of company stock worth $24,543,276. Corporate insiders own 0.66% 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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