Red Hat Inc. (NYSE:RHT) Receives $88.33 Consensus Target Price from Brokerages
Shares of Red Hat Inc. (NYSE:RHT) have been assigned a consensus rating of “Buy” from the thirty-one ratings firms that are currently covering the stock. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-three have assigned a buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $88.30.
A number of brokerages recently weighed in on RHT. Robert W. Baird increased their price objective on shares of Red Hat from $85.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, September 23rd. Zacks Investment Research upgraded shares of Red Hat from a “hold” rating to a “buy” rating and set a $89.00 price objective on the stock in a research report on Wednesday. BMO Capital Markets restated an “outperform” rating and set a $85.00 price objective (down previously from $88.00) on shares of Red Hat in a research report on Thursday, June 23rd. Mizuho restated a “buy” rating and set a $88.00 price objective on shares of Red Hat in a research report on Wednesday, September 21st. Finally, Stifel Nicolaus restated a “buy” rating on shares of Red Hat in a research report on Thursday, June 23rd.
Red Hat (NYSE:RHT) opened at 80.83 on Wednesday. Red Hat has a 52-week low of $59.59 and a 52-week high of $84.44. The stock has a market capitalization of $14.58 billion, a price-to-earnings ratio of 67.98 and a beta of 1.32. The stock’s 50 day moving average is $75.06 and its 200-day moving average is $74.58.
Red Hat (NYSE:RHT) last issued its quarterly earnings data on Wednesday, September 21st. The open-source software company reported $0.55 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.01. The company had revenue of $599.80 million for the quarter. Red Hat had a net margin of 9.84% and a return on equity of 18.93%. The firm’s revenue for the quarter was up 19.0% on a year-over-year basis. During the same quarter last year, the company earned $0.47 EPS. Equities research analysts anticipate that Red Hat will post $2.24 EPS for the current fiscal year.
In other news, EVP Delisa Alexander sold 2,395 shares of Red Hat stock in a transaction that occurred on Tuesday, July 19th. The shares were sold at an average price of $72.83, for a total value of $174,427.85. Following the transaction, the executive vice president now owns 60,780 shares of the company’s stock, valued at approximately $4,426,607.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Michael Cunningham sold 10,000 shares of Red Hat stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $73.14, for a total transaction of $731,400.00. Following the completion of the transaction, the executive vice president now directly owns 64,800 shares in the company, valued at approximately $4,739,472. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Wunderlich Capital Managemnt purchased a new position in shares of Red Hat during the second quarter worth about $137,000. Mizuho Asset Management Co. Ltd. increased its stake in Red Hat by 125.8% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,393 shares of the open-source software company’s stock valued at $174,000 after buying an additional 1,333 shares in the last quarter. Hills Bank & Trust Co. bought a new stake in Red Hat during the second quarter valued at $222,000. Pacer Advisors Inc. increased its stake in Red Hat by 10.8% in the second quarter. Pacer Advisors Inc. now owns 3,392 shares of the open-source software company’s stock valued at $246,000 after buying an additional 331 shares in the last quarter. Finally, Wall Street Associates bought a new stake in Red Hat during the second quarter valued at $247,000. 94.81% of the stock is currently owned by hedge funds and other institutional investors.
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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