Pacad Investment Ltd. cut its stake in shares of Red Hat, Inc. (NYSE:RHT) by 51.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,011 shares of the open-source software company’s stock after selling 27,590 shares during the period. Pacad Investment Ltd.’s holdings in Red Hat were worth $2,491,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in RHT. CT Mason increased its stake in shares of Red Hat by 1.2% in the first quarter. CT Mason now owns 17,520 shares of the open-source software company’s stock valued at $1,515,000 after buying an additional 205 shares in the last quarter. Tyers Asset Management LLC increased its stake in shares of Red Hat by 14.5% in the first quarter. Tyers Asset Management LLC now owns 3,920 shares of the open-source software company’s stock valued at $339,000 after buying an additional 496 shares in the last quarter. ING Groep NV increased its stake in shares of Red Hat by 349.6% in the first quarter. ING Groep NV now owns 13,813 shares of the open-source software company’s stock valued at $1,195,000 after buying an additional 10,741 shares in the last quarter. Commerzbank Aktiengesellschaft FI increased its stake in shares of Red Hat by 18.2% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 15,305 shares of the open-source software company’s stock valued at $1,324,000 after buying an additional 2,359 shares in the last quarter. Finally, Geneva Advisors LLC purchased a new stake in shares of Red Hat during the first quarter valued at $231,000. 94.21% of the stock is currently owned by institutional investors and hedge funds.

Shares of Red Hat, Inc. (NYSE:RHT) traded up 0.30% during trading on Thursday, hitting $106.48. 480,209 shares of the company traded hands. The stock has a market capitalization of $18.90 billion, a PE ratio of 72.93 and a beta of 1.26. The company has a 50-day moving average of $99.58 and a 200-day moving average of $90.24. Red Hat, Inc. has a 52-week low of $68.54 and a 52-week high of $106.73.

Red Hat (NYSE:RHT) last issued its earnings results on Tuesday, June 20th. The open-source software company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.53 by $0.03. The company had revenue of $677 million during the quarter, compared to analyst estimates of $647.42 million. Red Hat had a return on equity of 22.84% and a net margin of 10.54%. The business’s revenue was up 19.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 EPS. Equities analysts expect that Red Hat, Inc. will post $2.68 EPS for the current year.

ILLEGAL ACTIVITY NOTICE: “Red Hat, Inc. (RHT) Position Lowered by Pacad Investment Ltd.” was first published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this piece of content on another domain, it was stolen and republished in violation of U.S. and international copyright and trademark law. The correct version of this piece of content can be viewed at https://www.thecerbatgem.com/2017/08/31/red-hat-inc-rht-position-lowered-by-pacad-investment-ltd.html.

Several brokerages have recently weighed in on RHT. Piper Jaffray Companies reissued a “hold” rating and issued a $100.00 target price on shares of Red Hat in a research note on Sunday. Zacks Investment Research downgraded shares of Red Hat from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 22nd. MKM Partners reissued a “neutral” rating and issued a $98.00 target price (up previously from $82.00) on shares of Red Hat in a research note on Friday, June 23rd. Jefferies Group LLC reissued a “hold” rating on shares of Red Hat in a research note on Thursday, June 22nd. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $112.00 target price (up previously from $95.00) 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 company’s stock. Red Hat currently has an average rating of “Buy” and a consensus price target of $98.72.

In other news, EVP Paul J. Cormier sold 26,462 shares of Red Hat stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $91.57, for a total value of $2,423,125.34. Following the completion of the transaction, the executive vice president now owns 189,578 shares in the company, valued at approximately $17,359,657.46. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Paul J. Cormier sold 30,000 shares of Red Hat stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $90.35, for a total value of $2,710,500.00. Following the completion of the transaction, the executive vice president now owns 249,578 shares of the company’s stock, valued at approximately $22,549,372.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 130,549 shares of company stock valued at $12,133,438. Insiders own 0.66% 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.

Want to see what other hedge funds are holding RHT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Red Hat, Inc. (NYSE:RHT).

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

Receive News & Stock Ratings for Red Hat Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Red Hat Inc. and related stocks with our FREE daily email newsletter.