Red Hat, Inc. (RHT) Earns Neutral Rating from Bank of America Corporation
Red Hat, Inc. (NYSE:RHT)‘s stock had its “neutral” rating restated by Bank of America Corporation in a research note issued on Tuesday. They presently have a $115.00 target price on the open-source software company’s stock, up from their prior target price of $105.00. Bank of America Corporation’s price objective suggests a potential upside of 8.77% from the company’s current price.
Other equities analysts have also issued reports about the company. Barclays PLC raised their price target on Red Hat from $105.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, September 18th. Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $105.00 price target (up from $96.00) on shares of Red Hat in a research report on Thursday, June 22nd. Piper Jaffray Companies assumed coverage on Red Hat in a research report on Friday, June 23rd. They set a “neutral” rating and a $100.00 price target on the stock. Credit Suisse Group raised their price target on Red Hat from $111.00 to $113.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Zacks Investment Research lowered Red Hat from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 22nd. Ten investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. Red Hat has an average rating of “Buy” and an average target price of $106.27.
Red Hat (NYSE:RHT) traded up 4.65% during trading on Tuesday, reaching $110.68. 4,452,991 shares of the company traded hands. Red Hat has a 12 month low of $68.54 and a 12 month high of $113.73. The company’s 50-day moving average is $103.43 and its 200 day moving average is $93.28. The company has a market cap of $19.64 billion, a PE ratio of 75.81 and a beta of 1.24. Red Hat also was the recipient of some unusual options trading on Monday. Investors bought 13,756 call options on the stock. This represents an increase of 604% compared to the typical daily volume of 1,955 call options.
Red Hat (NYSE:RHT) last announced its quarterly earnings data on Monday, September 25th. The open-source software company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.67 by $0.10. The firm had revenue of $723.60 million for the quarter, compared to analyst estimates of $699.56 million. Red Hat had a return on equity of 22.84% and a net margin of 10.54%. The company’s revenue was up 20.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.55 EPS. On average, analysts anticipate that Red Hat will post $2.69 earnings per share for the current year.
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In other Red Hat news, CFO Eric Ryan Shander sold 1,521 shares of Red Hat stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $99.98, for a total value of $152,069.58. Following the completion of the sale, the chief financial officer now owns 9,913 shares of the company’s stock, valued at approximately $991,101.74. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO James M. Whitehurst sold 9,122 shares of Red Hat stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $98.02, for a total value of $894,138.44. Following the completion of the sale, the chief executive officer now directly owns 414,101 shares of the company’s stock, valued at approximately $40,590,180.02. The disclosure for this sale can be found here. In the last three months, insiders sold 44,087 shares of company stock valued at $4,265,012. Corporate insiders own 0.66% of the company’s stock.
Several institutional investors have recently bought and sold shares of RHT. D.A. Davidson & CO. increased its holdings in shares of Red Hat by 6.8% in the 2nd quarter. D.A. Davidson & CO. now owns 1,071 shares of the open-source software company’s stock worth $102,000 after purchasing an additional 68 shares in the last quarter. Clear Perspective Advisors LLC bought a new stake in shares of Red Hat in the 2nd quarter worth $112,000. Sun Life Financial INC increased its holdings in shares of Red Hat by 14,837.5% in the 2nd quarter. Sun Life Financial INC now owns 1,195 shares of the open-source software company’s stock worth $114,000 after purchasing an additional 1,187 shares in the last quarter. Shine Investment Advisory Services Inc. bought a new stake in shares of Red Hat in the 2nd quarter worth $117,000. Finally, State of Alaska Department of Revenue bought a new stake in shares of Red Hat in the 2nd quarter worth $122,000. 94.00% of the stock is owned by institutional investors and hedge funds.
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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