Red Hat (NYSE:RHT) had its price target lowered by Citigroup from $167.00 to $163.00 in a report issued on Thursday. The firm currently has a buy rating on the open-source software company’s stock.

Several other research firms also recently weighed in on RHT. Raymond James downgraded Red Hat from an outperform rating to a market perform rating and set a $84.00 target price on the stock. in a research report on Tuesday, June 19th. BMO Capital Markets raised their target price on Red Hat from $180.00 to $192.00 and gave the company a market perform rating in a research report on Tuesday, June 19th. Barclays restated an overweight rating and issued a $186.00 target price on shares of Red Hat in a research report on Thursday, June 14th. Zacks Investment Research downgraded Red Hat from a strong-buy rating to a hold rating in a research report on Wednesday, May 30th. Finally, Monness Crespi & Hardt decreased their target price on Red Hat from $200.00 to $186.00 and set a buy rating on the stock in a research report on Friday, June 22nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty have given a buy rating to the stock. Red Hat currently has an average rating of Buy and a consensus price target of $154.53.

Shares of RHT stock opened at $134.62 on Thursday. The company has a market cap of $23.88 billion, a price-to-earnings ratio of 58.53, a price-to-earnings-growth ratio of 3.15 and a beta of 1.07. The company has a current ratio of 1.23, a quick ratio of 1.28 and a debt-to-equity ratio of 0.40. Red Hat has a 12-month low of $104.51 and a 12-month high of $177.70.

Red Hat (NYSE:RHT) last issued its quarterly earnings results on Wednesday, September 19th. The open-source software company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.03. The company had revenue of $822.75 million for the quarter, compared to the consensus estimate of $828.12 million. Red Hat had a return on equity of 31.80% and a net margin of 9.15%. Red Hat’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.77 earnings per share. research analysts predict that Red Hat will post 2.56 EPS for the current year.

Red Hat announced that its board has approved a stock repurchase plan on Thursday, June 21st that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the open-source software company to reacquire up to 4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

In other Red Hat news, EVP Delisa Alexander sold 2,305 shares of the firm’s stock in a transaction on Tuesday, July 17th. The stock was sold at an average price of $145.00, for a total transaction of $334,225.00. Following the completion of the sale, the executive vice president now owns 36,309 shares of the company’s stock, valued at $5,264,805. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Michael A. Kelly sold 636 shares of the firm’s stock in a transaction on Tuesday, July 17th. The stock was sold at an average price of $145.00, for a total value of $92,220.00. Following the sale, the insider now directly owns 5,965 shares of the company’s stock, valued at approximately $864,925. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,926 shares of company stock valued at $8,145,758. Insiders own 0.58% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. Royal London Asset Management Ltd. acquired a new stake in Red Hat during the second quarter worth $9,990,000. Advisors Asset Management Inc. increased its stake in Red Hat by 6.3% during the second quarter. Advisors Asset Management Inc. now owns 54,721 shares of the open-source software company’s stock worth $7,353,000 after acquiring an additional 3,264 shares during the last quarter. McAdam LLC increased its stake in Red Hat by 2,168.1% during the second quarter. McAdam LLC now owns 1,565 shares of the open-source software company’s stock worth $210,000 after acquiring an additional 1,496 shares during the last quarter. Bristol John W & Co. Inc. NY acquired a new stake in Red Hat during the second quarter worth $27,953,000. Finally, Cowen Inc. acquired a new stake in Red Hat during the second quarter worth $6,205,000. 95.21% of the stock is owned by institutional investors.

Red Hat Company Profile

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.

Read More: Earnings Per Share (EPS) Explained

Analyst Recommendations for Red Hat (NYSE:RHT)

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