Red Hat Inc. (NYSE:RHT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.

According to Zacks, “Red Hat Inc. is a leading developer and provider of open source software and services, including the Red Hat Linux operating system. Unlike proprietary software, open source software has publicly available source code and can be copied, modified and distributed with minimal restrictions. The web site, REDHAT.COM, is a leading online source of information and news about open source software and one of the largest online communities of open source software users and developers. “

RHT has been the subject of a number of other reports. Mizuho reiterated a “buy” rating and set a $88.00 price target on shares of Red Hat in a research report on Friday, September 30th. Vetr upgraded shares of Red Hat from a “buy” rating to a “strong-buy” rating and set a $81.54 price target for the company in a research report on Thursday, September 8th. Bank of America Corp. reiterated a “hold” rating and set a $90.00 price target on shares of Red Hat in a research report on Thursday, September 22nd. Citigroup Inc. lifted their price target on shares of Red Hat from $90.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, September 22nd. Finally, Deutsche Bank AG restated a “buy” rating and issued a $95.00 price objective on shares of Red Hat in a report on Saturday, August 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-four have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $89.33.

Analyst Recommendations for Red Hat (NYSE:RHT)

Shares of Red Hat (NYSE:RHT) opened at 75.50 on Tuesday. Red Hat has a 52-week low of $59.59 and a 52-week high of $84.44. The stock has a market cap of $13.56 billion, a PE ratio of 63.50 and a beta of 1.51. The company’s 50-day moving average is $77.65 and its 200-day moving average is $75.23.

Red Hat (NYSE:RHT) last announced its quarterly earnings results on Wednesday, September 21st. The open-source software company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.01. Red Hat had a net margin of 9.84% and a return on equity of 18.93%. The business earned $599.80 million during the quarter. During the same quarter in the prior year, the business earned $0.47 earnings per share. Red Hat’s revenue was up 19.0% on a year-over-year basis. Equities analysts anticipate that Red Hat will post $2.24 EPS for the current year.

In other Red Hat news, EVP Delisa Alexander sold 1,121 shares of the stock in a transaction that occurred on Tuesday, October 18th. The shares were sold at an average price of $77.00, for a total value of $86,317.00. Following the completion of the sale, the executive vice president now owns 57,356 shares of the company’s stock, valued at $4,416,412. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director General Henry Hugh Shelton sold 15,000 shares of the stock in a transaction that occurred on Friday, September 30th. The shares were sold at an average price of $80.70, for a total transaction of $1,210,500.00. Following the completion of the sale, the director now directly owns 9,026 shares of the company’s stock, valued at approximately $728,398.20. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of the stock. Acrospire Investment Management LLC increased its stake in shares of Red Hat by 36.4% in the third quarter. Acrospire Investment Management LLC now owns 1,500 shares of the open-source software company’s stock valued at $121,000 after buying an additional 400 shares during the period. Wunderlich Capital Managemnt purchased a new stake in shares of Red Hat during the second quarter valued at about $137,000. Fuller & Thaler Asset Management Inc. increased its stake in shares of Red Hat by 183.3% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 1,700 shares of the open-source software company’s stock valued at $137,000 after buying an additional 1,100 shares during the period. Penserra Capital Management LLC increased its stake in shares of Red Hat by 94.9% in the third quarter. Penserra Capital Management LLC now owns 1,783 shares of the open-source software company’s stock valued at $143,000 after buying an additional 868 shares during the period. Finally, Mizuho Asset Management Co. Ltd. increased its stake in shares of 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 during the period. 93.31% of the stock is owned by institutional investors.

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.

5 Day Chart for NYSE:RHT

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