Rosenblatt Securities Initiates Coverage on Red Hat Inc. (RHT)
Equities researchers at Rosenblatt Securities assumed coverage on shares of Red Hat Inc. (NYSE:RHT) in a research report issued on Monday. The brokerage set a “buy” rating and a $95.00 price target on the open-source software company’s stock. Rosenblatt Securities’ target price suggests a potential upside of 18.75% from the company’s current price.
A number of other equities analysts also recently commented on RHT. Vetr downgraded Red Hat from a “strong-buy” rating to a “buy” rating and set a $84.60 price objective for the company. in a research report on Monday, August 8th. Deutsche Bank AG reissued a “buy” rating and set a $95.00 price objective on shares of Red Hat in a research report on Saturday, August 13th. Mizuho reissued a “buy” rating and set a $88.00 price objective on shares of Red Hat in a research report on Wednesday, September 14th. Barclays PLC reissued a “buy” rating and set a $90.00 price objective on shares of Red Hat in a research report on Thursday, September 15th. Finally, BMO Capital Markets boosted their price objective on Red Hat from $85.00 to $89.00 and gave the stock an “outperform” rating in a research report on Thursday, September 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-five have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $89.55.
Red Hat (NYSE:RHT) opened at 80.00 on Monday. The firm has a market cap of $14.37 billion, a P/E ratio of 67.28 and a beta of 1.51. Red Hat has a one year low of $59.59 and a one year high of $84.44. The company has a 50-day moving average of $77.31 and a 200 day moving average of $75.69.
Red Hat (NYSE:RHT) last announced its quarterly earnings data on Wednesday, September 21st. The open-source software company reported $0.55 EPS for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.01. Red Hat had a return on equity of 18.93% and a net margin of 9.84%. The business earned $599.80 million during the quarter. During the same period in the prior year, the firm posted $0.47 earnings per share. The business’s quarterly revenue was up 19.0% compared to the same quarter last year. Equities research analysts expect that Red Hat will post $2.24 earnings per share for the current fiscal year.
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In related news, EVP Michael Cunningham sold 15,000 shares of the company’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $80.42, for a total transaction of $1,206,300.00. Following the transaction, the executive vice president now owns 37,484 shares of the company’s stock, valued at $3,014,463.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William S. Kaiser sold 12,500 shares of the company’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $80.35, for a total value of $1,004,375.00. Following the transaction, the director now directly owns 120,814 shares in the company, valued at approximately $9,707,404.90. The disclosure for this sale can be found here. Corporate insiders own 0.76% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Acrospire Investment Management LLC raised its stake in 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 Red Hat during the second quarter valued at $137,000. Fuller & Thaler Asset Management Inc. raised its stake in 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 raised its stake in 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. raised 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 during the period. 94.49% of the stock is currently owned by 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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