Red Hat’s (RHT) Hold Rating Reiterated at Piper Jaffray Companies
Piper Jaffray Companies reaffirmed their hold rating on shares of Red Hat, Inc. (NYSE:RHT) in a research note published on Sunday. The firm currently has a $100.00 price target on the open-source software company’s stock.
A number of other research firms also recently weighed in on RHT. Zacks Investment Research downgraded shares of Red Hat from a strong-buy rating to a hold rating in a report on Tuesday, August 22nd. MKM Partners reiterated a neutral rating and issued a $98.00 target price (up from $82.00) on shares of Red Hat in a research note on Friday, June 23rd. Jefferies Group LLC reiterated a hold rating on shares of Red Hat in a research note on Thursday, June 22nd. Rosenblatt Securities reiterated a buy rating and issued a $112.00 target price (up from $95.00) on shares of Red Hat in a research note on Thursday, June 22nd. Finally, Oppenheimer Holdings, Inc. reiterated an outperform rating and issued a $105.00 target price (up from $96.00) on shares of Red Hat in a research note on Thursday, June 22nd. Ten research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $98.72.
Red Hat (NYSE RHT) opened at 105.52 on Friday. The company has a 50-day moving average price of $99.58 and a 200 day moving average price of $90.24. The stock has a market capitalization of $18.73 billion, a price-to-earnings ratio of 72.27 and a beta of 1.26. Red Hat has a 12 month low of $68.54 and a 12 month high of $105.90.
Red Hat (NYSE:RHT) last released its quarterly earnings results on Tuesday, June 20th. The open-source software company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.03. The business had revenue of $677 million for the quarter, compared to the consensus estimate of $647.42 million. Red Hat had a net margin of 10.54% and a return on equity of 22.84%. Red Hat’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 EPS. Equities analysts predict that Red Hat will post $2.68 earnings per share for the current year.
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In related news, CFO Eric Ryan Shander sold 1,521 shares of the business’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $99.98, for a total transaction of $152,069.58. Following the completion of the transaction, the chief financial officer now owns 9,913 shares in the company, valued at $991,101.74. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO James M. Whitehurst sold 12,000 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $95.70, for a total transaction of $1,148,400.00. Following the transaction, the chief executive officer now owns 422,873 shares of the company’s stock, valued at approximately $40,468,946.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 130,549 shares of company stock valued at $12,133,438. Corporate insiders own 0.66% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. D.A. Davidson & CO. boosted its position in shares of Red Hat by 6.8% in the second quarter. D.A. Davidson & CO. now owns 1,071 shares of the open-source software company’s stock worth $102,000 after buying an additional 68 shares in the last quarter. Clear Perspective Advisors LLC bought a new position in Red Hat during the second quarter valued at $112,000. Sun Life Financial INC boosted its position in Red Hat by 14,837.5% in the second quarter. Sun Life Financial INC now owns 1,195 shares of the open-source software company’s stock valued at $114,000 after buying an additional 1,187 shares during the period. Shine Investment Advisory Services Inc. bought a new position in Red Hat during the second quarter valued at $117,000. Finally, State of Alaska Department of Revenue bought a new position in Red Hat during the second quarter valued at $122,000. Hedge funds and other institutional investors own 94.21% of the company’s stock.
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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