American Century Companies Inc. Reduces Stake in Red Hat, Inc. (RHT)
American Century Companies Inc. reduced its position in Red Hat, Inc. (NYSE:RHT) by 22.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,030 shares of the open-source software company’s stock after selling 4,172 shares during the period. American Century Companies Inc.’s holdings in Red Hat were worth $1,343,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently added to or reduced their stakes in RHT. Shine Investment Advisory Services Inc. purchased a new position in shares of Red Hat in the 2nd quarter worth $117,000. State of Alaska Department of Revenue purchased a new position in shares of Red Hat in the 2nd quarter worth $122,000. Bronfman E.L. Rothschild L.P. boosted its stake in shares of Red Hat by 1.4% in the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 1,521 shares of the open-source software company’s stock worth $132,000 after buying an additional 21 shares during the last quarter. Global X Management Co. LLC boosted its stake in shares of Red Hat by 91.3% in the 2nd quarter. Global X Management Co. LLC now owns 1,542 shares of the open-source software company’s stock worth $148,000 after buying an additional 736 shares during the last quarter. Finally, Point72 Asia Hong Kong Ltd purchased a new position in shares of Red Hat in the 1st quarter worth $170,000. Hedge funds and other institutional investors own 94.21% of the company’s stock.
Shares of Red Hat, Inc. (RHT) opened at 107.30 on Friday. Red Hat, Inc. has a 52 week low of $68.54 and a 52 week high of $108.13. The firm’s 50-day moving average price is $102.94 and its 200 day moving average price is $92.77. The company has a market capitalization of $19.04 billion, a PE ratio of 73.49 and a beta of 1.24.
Red Hat (NYSE:RHT) last released its quarterly earnings data on Tuesday, June 20th. The open-source software company reported $0.56 EPS for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.03. The company had revenue of $677.00 million during 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 quarterly revenue was up 19.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.50 EPS. Equities analysts predict that Red Hat, Inc. will post $2.69 EPS for the current year.
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In other Red Hat news, CEO James M. Whitehurst sold 12,000 shares of the stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $95.70, for a total value of $1,148,400.00. Following the completion of the sale, the chief executive officer now owns 422,873 shares in the company, valued at approximately $40,468,946.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 completion of the sale, the chief financial officer now owns 9,913 shares of the company’s stock, valued at approximately $991,101.74. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,087 shares of company stock valued at $4,265,012. 0.66% of the stock is owned by insiders.
Several research firms recently weighed in on RHT. Sanford C. Bernstein began coverage on Red Hat in a research report on Wednesday, May 24th. They set a “market perform” rating and a $102.00 target price on the stock. Stifel Nicolaus upgraded Red Hat from a “hold” rating to a “buy” rating and lifted their target price for the company from $83.00 to $115.00 in a research report on Wednesday, June 21st. BMO Capital Markets lifted their target price on Red Hat from $90.00 to $107.00 and gave the company a “market perform” rating in a research report on Wednesday, June 21st. Robert W. Baird lifted their target price on Red Hat from $90.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, June 21st. Finally, Pacific Crest lowered their target price on Red Hat from $115.00 to $97.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 21st. Eleven investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. Red Hat currently has an average rating of “Buy” and a consensus price target of $100.71.
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.
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