Red Hat, Inc. (RHT) Receives “Hold” Rating from Piper Jaffray Companies
Piper Jaffray Companies reiterated their hold rating on shares of Red Hat, Inc. (NYSE:RHT) in a research report released on Sunday. They currently have a $100.00 price target on the open-source software company’s stock.
Several other equities research analysts have also weighed in on RHT. Zacks Investment Research upgraded Red Hat from a hold rating to a strong-buy rating and set a $101.00 price objective on the stock in a research note on Tuesday, May 2nd. 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 note on Wednesday, May 10th. Sanford C. Bernstein started coverage on Red Hat in a research note on Wednesday, May 24th. They issued a market perform rating and a $102.00 price objective on the stock. Stifel Nicolaus upgraded Red Hat from a hold rating to a buy rating and upped their price objective for the company from $83.00 to $115.00 in a research note on Wednesday, June 21st. Finally, BMO Capital Markets upped their price objective on Red Hat from $90.00 to $107.00 and gave the company a market perform rating in a research note on Wednesday, June 21st. Ten analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. The company presently has an average rating of Buy and an average target price of $98.72.
Shares of Red Hat (NYSE RHT) traded up 0.37% during midday trading on Friday, reaching $105.72. The company’s stock had a trading volume of 409,789 shares. The firm has a market capitalization of $18.76 billion, a PE ratio of 72.41 and a beta of 1.26. Red Hat has a 1-year low of $68.54 and a 1-year high of $105.92. The company’s 50-day moving average price is $99.58 and its 200 day moving average price is $90.24.
Red Hat (NYSE:RHT) last released its quarterly earnings data on Tuesday, June 20th. The open-source software company reported $0.56 earnings per share for the quarter, beating 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 company had revenue of $677 million for the quarter, compared to analyst estimates of $647.42 million. During the same period in the prior year, the company posted $0.50 EPS. The company’s revenue was up 19.2% compared to the same quarter last year. On average, equities research analysts forecast that Red Hat will post $2.68 earnings per share for the current year.
In other news, CFO Eric Ryan Shander sold 1,521 shares of the 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 transaction, 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 document filed with the SEC, which is accessible through the SEC website. Also, EVP Paul J. Cormier sold 30,000 shares of the stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $91.16, for a total value of $2,734,800.00. Following the completion of the transaction, the executive vice president now directly owns 219,578 shares in the company, valued at approximately $20,016,730.48. The disclosure for this sale can be found here. In the last three months, insiders sold 130,549 shares of company stock worth $12,133,438. 0.66% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. CT Mason boosted its stake in Red Hat by 1.2% in the first quarter. CT Mason now owns 17,520 shares of the open-source software company’s stock worth $1,515,000 after buying an additional 205 shares in the last quarter. Tyers Asset Management LLC boosted its stake in Red Hat by 14.5% in the first quarter. Tyers Asset Management LLC now owns 3,920 shares of the open-source software company’s stock worth $339,000 after buying an additional 496 shares in the last quarter. ING Groep NV boosted its stake in Red Hat by 349.6% in the first quarter. ING Groep NV now owns 13,813 shares of the open-source software company’s stock worth $1,195,000 after buying an additional 10,741 shares in the last quarter. Commerzbank Aktiengesellschaft FI boosted its stake in Red Hat by 18.2% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 15,305 shares of the open-source software company’s stock worth $1,324,000 after buying an additional 2,359 shares in the last quarter. Finally, Geneva Advisors LLC purchased a new stake in Red Hat during the first quarter worth approximately $231,000. Institutional investors and hedge funds own 94.21% 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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