Research analysts at Moffett Nathanson assumed coverage on shares of Red Hat, Inc. (NYSE:RHT) in a research note issued on Wednesday. The firm set a “buy” rating on the open-source software company’s stock.

A number of other research firms have also recently weighed in on RHT. Robert W. Baird upped their price objective on shares of Red Hat from $90.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 21st. Mizuho reduced their price objective on shares of Red Hat from $109.00 to $96.00 and set a “buy” rating for the company in a research report on Wednesday, June 21st. Morgan Stanley restated an “equal weight” rating and set a $98.00 price objective (up from $90.00) on shares of Red Hat in a research report on Wednesday, June 21st. BTIG Research reduced their price objective on shares of Red Hat from $120.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday, June 21st. Finally, Pacific Crest reduced their price objective on shares of Red Hat from $115.00 to $97.00 and set an “overweight” rating for the company in a research report on Wednesday, June 21st. Eleven analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $99.12.

Red Hat (NYSE RHT) traded up 0.65% during trading on Wednesday, reaching $107.50. 228,594 shares of the company traded hands. Red Hat has a 52 week low of $68.54 and a 52 week high of $108.09. The company has a market capitalization of $19.08 billion, a P/E ratio of 73.63 and a beta of 1.24. The firm has a 50-day moving average price of $101.12 and a 200-day moving average price of $91.61.

Red Hat (NYSE:RHT) last posted its earnings results on Tuesday, June 20th. The open-source software company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.03. Red Hat had a net margin of 10.54% and a return on equity of 22.84%. The firm had revenue of $677 million during the quarter, compared to analysts’ expectations of $647.42 million. During the same period in the previous year, the business posted $0.50 EPS. The business’s revenue was up 19.2% compared to the same quarter last year. Analysts forecast that Red Hat will post $2.68 earnings per share for the current fiscal year.

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In other news, CFO Eric Ryan Shander sold 1,521 shares of the stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $99.98, for a total transaction of $152,069.58. Following the sale, the chief financial officer now owns 9,913 shares of the company’s stock, valued at $991,101.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Delisa Alexander sold 2,444 shares of the stock in a transaction dated Tuesday, July 18th. The stock was sold at an average price of $98.25, for a total transaction of $240,123.00. Following the sale, the executive vice president now directly owns 41,570 shares in the company, valued at approximately $4,084,252.50. The disclosure for this sale can be found here. Insiders have sold 70,549 shares of company stock worth $6,688,138 in the last three months. Corporate insiders own 0.66% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Red Hat by 2.8% in the second quarter. Vanguard Group Inc. now owns 17,627,522 shares of the open-source software company’s stock valued at $1,687,836,000 after acquiring an additional 479,615 shares in the last quarter. FMR LLC raised its holdings in Red Hat by 10.8% in the second quarter. FMR LLC now owns 11,165,642 shares of the open-source software company’s stock valued at $1,069,110,000 after acquiring an additional 1,085,953 shares in the last quarter. Northern Trust Corp raised its holdings in Red Hat by 28.8% in the second quarter. Northern Trust Corp now owns 3,794,946 shares of the open-source software company’s stock valued at $363,365,000 after acquiring an additional 848,777 shares in the last quarter. Sustainable Growth Advisers LP raised its holdings in Red Hat by 3.8% in the first quarter. Sustainable Growth Advisers LP now owns 2,425,693 shares of the open-source software company’s stock valued at $209,823,000 after acquiring an additional 88,232 shares in the last quarter. Finally, DF Dent & Co. Inc. raised its holdings in Red Hat by 2.7% in the first quarter. DF Dent & Co. Inc. now owns 1,803,495 shares of the open-source software company’s stock valued at $156,002,000 after acquiring an additional 47,219 shares in the last quarter. 94.21% of the stock is currently owned by hedge funds and other 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.

Analyst Recommendations for Red Hat (NYSE:RHT)

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