J P Morgan Chase & Co reiterated their overweight rating on shares of Red Hat, Inc. (NYSE:RHT) in a research report sent to investors on Tuesday. The brokerage currently has a $117.00 target price on the open-source software company’s stock, up from their previous target price of $110.00.

Other research analysts have also issued research reports about the stock. Goldman Sachs Group, Inc. (The) raised their price objective on shares of Red Hat from $85.00 to $97.00 and gave the company a buy rating in a research note on Wednesday, June 21st. BTIG Research lowered their price objective on shares of Red Hat from $120.00 to $95.00 and set a buy rating on the stock in a research note on Wednesday, June 21st. Stifel Nicolaus upgraded shares of Red Hat from a hold rating to a buy rating and raised their price objective for the company from $83.00 to $115.00 in a research note on Wednesday, June 21st. Mizuho lowered their price objective on shares of Red Hat from $109.00 to $96.00 and set a buy rating on the stock in a research note on Wednesday, June 21st. Finally, Deutsche Bank AG raised their target price on shares of Red Hat from $100.00 to $110.00 and gave the stock a buy rating in a report on Wednesday, June 21st. Ten research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $110.61.

Red Hat (NYSE:RHT) traded up 1.16% during midday trading on Tuesday, reaching $110.86. The company had a trading volume of 1,587,701 shares. Red Hat has a 52-week low of $68.54 and a 52-week high of $110.93. The company’s 50 day moving average is $103.43 and its 200-day moving average is $93.28. The company has a market capitalization of $19.67 billion, a P/E ratio of 75.93 and a beta of 1.24.

Red Hat (NYSE:RHT) last posted its quarterly earnings data on Monday, September 25th. The open-source software company reported $0.77 EPS for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.10. Red Hat had a net margin of 11.49% and a return on equity of 25.27%. The business had revenue of $723.60 million for the quarter, compared to analyst estimates of $699.56 million. During the same quarter last year, the business earned $0.55 earnings per share. The business’s revenue for the quarter was up 20.6% on a year-over-year basis. Equities analysts expect that Red Hat will post $2.78 earnings per share for the current fiscal year.

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In other news, CFO Eric Ryan Shander sold 1,521 shares of the firm’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $99.98, for a total transaction of $152,069.58. Following the transaction, the chief financial officer now owns 9,913 shares in the company, valued at approximately $991,101.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James M. Whitehurst sold 12,000 shares of the firm’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $95.70, for a total transaction of $1,148,400.00. Following the transaction, the chief executive officer now owns 422,873 shares in the company, valued at approximately $40,468,946.10. The disclosure for this sale can be found here. Insiders have sold a total of 40,081 shares of company stock worth $3,878,714 in the last 90 days. 0.66% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Red Hat by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 17,627,522 shares of the open-source software company’s stock valued at $1,687,836,000 after purchasing an additional 479,615 shares in the last quarter. FMR LLC raised its holdings in Red Hat by 10.8% in the 2nd quarter. FMR LLC now owns 11,165,642 shares of the open-source software company’s stock worth $1,069,110,000 after acquiring an additional 1,085,953 shares during the period. Northern Trust Corp raised its holdings in Red Hat by 28.8% in the 2nd quarter. Northern Trust Corp now owns 3,794,946 shares of the open-source software company’s stock worth $363,365,000 after acquiring an additional 848,777 shares during the period. Sustainable Growth Advisers LP raised its holdings in Red Hat by 3.8% in the 1st quarter. Sustainable Growth Advisers LP now owns 2,425,693 shares of the open-source software company’s stock worth $209,823,000 after acquiring an additional 88,232 shares during the period. Finally, DF Dent & Co. Inc. raised its holdings in Red Hat by 2.7% in the 1st quarter. DF Dent & Co. Inc. now owns 1,803,495 shares of the open-source software company’s stock worth $156,002,000 after acquiring an additional 47,219 shares during the period. Institutional investors and hedge funds own 94.00% 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.

Analyst Recommendations for Red Hat (NYSE:RHT)

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