Westbourne Investment Advisors Inc. reduced its position in Red Hat Inc (NYSE:RHT) by 47.9% during the first quarter, HoldingsChannel.com reports. The fund owned 14,278 shares of the open-source software company’s stock after selling 13,139 shares during the quarter. Red Hat comprises 2.0% of Westbourne Investment Advisors Inc.’s holdings, making the stock its 14th biggest position. Westbourne Investment Advisors Inc.’s holdings in Red Hat were worth $2,609,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in RHT. Alpha Omega Wealth Management LLC purchased a new position in Red Hat during the 4th quarter valued at about $25,000. Athena Capital Advisors LLC purchased a new position in Red Hat during the 4th quarter valued at about $27,000. Berman Capital Advisors LLC purchased a new position in Red Hat during the 4th quarter valued at about $27,000. Liberty Wealth Management LLC purchased a new position in Red Hat during the 4th quarter valued at about $30,000. Finally, Legacy Financial Advisors Inc. purchased a new position in Red Hat during the 4th quarter valued at about $33,000. Institutional investors and hedge funds own 89.28% of the company’s stock.

A number of research firms have weighed in on RHT. ValuEngine lowered Red Hat from a “strong-buy” rating to a “buy” rating in a report on Monday, April 1st. Zacks Investment Research raised Red Hat from a “hold” rating to a “buy” rating and set a $194.00 price objective for the company in a report on Monday, December 31st. Thirteen analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $168.41.

Shares of NYSE RHT traded down $0.07 during midday trading on Monday, hitting $182.30. 20,784 shares of the company’s stock were exchanged, compared to its average volume of 1,182,400. Red Hat Inc has a 12-month low of $115.31 and a 12-month high of $183.58. The company has a current ratio of 1.27, a quick ratio of 1.26 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $32.26 billion, a price-to-earnings ratio of 65.35, a PEG ratio of 4.01 and a beta of 0.54.

Red Hat (NYSE:RHT) last issued its earnings results on Monday, March 25th. The open-source software company reported $1.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.15. The business had revenue of $879.00 million during the quarter, compared to analyst estimates of $885.64 million. Red Hat had a return on equity of 35.35% and a net margin of 12.91%. Red Hat’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.91 earnings per share. On average, analysts predict that Red Hat Inc will post 3.04 earnings per share for the current year.

In other Red Hat news, EVP Michael Cunningham sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, February 7th. The stock was sold at an average price of $178.79, for a total value of $4,469,750.00. Following the completion of the sale, the executive vice president now owns 25,071 shares of the company’s stock, valued at $4,482,444.09. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.58% of the stock is owned by corporate insiders.

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About Red Hat

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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Institutional Ownership by Quarter for Red Hat (NYSE:RHT)

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