Swiss National Bank Increases Holdings in Red Hat Inc (RHT)
Swiss National Bank boosted its stake in Red Hat Inc (NYSE:RHT) by 3.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 585,415 shares of the open-source software company’s stock after acquiring an additional 18,400 shares during the period. Swiss National Bank owned 0.33% of Red Hat worth $78,662,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in RHT. OppenheimerFunds Inc. raised its position in Red Hat by 393.0% in the first quarter. OppenheimerFunds Inc. now owns 1,230,188 shares of the open-source software company’s stock worth $183,925,000 after acquiring an additional 980,635 shares during the period. Old Mutual Global Investors UK Ltd. raised its position in Red Hat by 88.0% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 1,515,991 shares of the open-source software company’s stock worth $226,655,000 after acquiring an additional 709,410 shares during the period. Cornerstone Wealth Management LLC raised its position in Red Hat by 13,666.2% in the second quarter. Cornerstone Wealth Management LLC now owns 713,364 shares of the open-source software company’s stock worth $5,233,000 after acquiring an additional 708,182 shares during the period. Whale Rock Capital Management LLC bought a new stake in Red Hat in the first quarter worth about $57,172,000. Finally, Lord Abbett & CO. LLC raised its position in Red Hat by 225.9% in the first quarter. Lord Abbett & CO. LLC now owns 385,439 shares of the open-source software company’s stock worth $57,627,000 after acquiring an additional 267,157 shares during the period. 96.88% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have commented on the stock. Zacks Investment Research raised shares of Red Hat from a “hold” rating to a “buy” rating and set a $159.00 price objective on the stock in a research report on Tuesday, June 26th. Monness Crespi & Hardt reduced their target price on shares of Red Hat from $200.00 to $186.00 and set a “buy” rating for the company in a research note on Friday, June 22nd. ValuEngine downgraded shares of Red Hat from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 22nd. BMO Capital Markets lifted their target price on shares of Red Hat from $180.00 to $192.00 and gave the stock a “market perform” rating in a research note on Tuesday, June 19th. Finally, Wells Fargo & Co reiterated an “outperform” rating and issued a $170.00 target price on shares of Red Hat in a research note on Friday, June 22nd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twenty have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $157.83.
Shares of NYSE:RHT opened at $141.63 on Friday. The company has a market cap of $24.86 billion, a P/E ratio of 61.58, a PEG ratio of 3.42 and a beta of 1.07. Red Hat Inc has a 12 month low of $104.51 and a 12 month high of $177.70. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.28 and a quick ratio of 1.28.
Red Hat (NYSE:RHT) last issued its quarterly earnings data on Thursday, June 21st. The open-source software company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.69 by $0.03. The company had revenue of $813.53 million during the quarter, compared to analysts’ expectations of $807.48 million. Red Hat had a net margin of 9.77% and a return on equity of 30.40%. Red Hat’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.56 earnings per share. equities research analysts anticipate that Red Hat Inc will post 2.56 earnings per share for the current year.
Red Hat declared that its Board of Directors has approved a stock repurchase plan on Thursday, June 21st that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the open-source software company to reacquire up to 4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
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.
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