Bank of America Corporation Reiterates Neutral Rating for Red Hat, Inc. (RHT)
Red Hat, Inc. (NYSE:RHT)‘s stock had its “neutral” rating reissued by Bank of America Corporation in a research report issued on Tuesday. They currently have a $115.00 price target on the open-source software company’s stock, up from their prior price target of $105.00. Bank of America Corporation’s price target would suggest a potential upside of 4.62% from the stock’s current price.
Other equities research analysts have also recently issued reports about the company. Rosenblatt Securities reissued 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. Goldman Sachs Group, Inc. (The) increased their target price on Red Hat from $85.00 to $97.00 and gave the stock a “buy” rating in a research note on Wednesday, June 21st. BTIG Research cut their target price on Red Hat from $120.00 to $95.00 and set a “buy” rating on the stock in a research note on Wednesday, June 21st. Stifel Nicolaus raised Red Hat from a “hold” rating to a “buy” rating and increased their target price for the stock from $83.00 to $115.00 in a research note on Wednesday, June 21st. Finally, Mizuho cut their target price on Red Hat from $109.00 to $96.00 and set a “buy” rating on the stock in a research note on Wednesday, June 21st. Ten analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $110.61.
Red Hat (NYSE RHT) opened at 109.92 on Tuesday. The company has a market capitalization of $19.51 billion, a PE ratio of 75.29 and a beta of 1.24. Red Hat has a 52 week low of $68.54 and a 52 week high of $111.23. The firm’s 50-day moving average price is $103.43 and its 200 day moving average price is $93.28. Red Hat also was the recipient of unusually large options trading on Monday. Stock traders bought 13,756 call options on the company. This is an increase of 604% compared to the typical daily volume of 1,955 call options.
Red Hat (NYSE:RHT) last released its earnings results on Monday, September 25th. The open-source software company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.10. Red Hat had a return on equity of 25.27% and a net margin of 11.49%. The firm had revenue of $723.60 million for the quarter, compared to analysts’ expectations of $699.56 million. During the same period in the prior year, the firm posted $0.55 earnings per share. The company’s quarterly revenue was up 20.6% on a year-over-year basis. Equities research analysts expect that Red Hat will post $2.79 earnings per share for the current fiscal year.
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In related news, CFO Eric Ryan Shander sold 1,521 shares of the stock in a transaction dated Wednesday, July 26th. The stock was 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 in the company, valued at $991,101.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 value of $240,123.00. Following the sale, the executive vice president now owns 41,570 shares of the company’s stock, valued at approximately $4,084,252.50. The disclosure for this sale can be found here. Insiders have sold 44,087 shares of company stock valued at $4,265,012 in the last quarter. 0.66% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. D.A. Davidson & CO. grew its position in shares of Red Hat by 6.8% during the second quarter. D.A. Davidson & CO. now owns 1,071 shares of the open-source software company’s stock worth $102,000 after purchasing an additional 68 shares in the last quarter. Clear Perspective Advisors LLC purchased a new stake in shares of Red Hat during the second quarter worth about $112,000. Sun Life Financial INC grew its position in shares of Red Hat by 14,837.5% during the second quarter. Sun Life Financial INC now owns 1,195 shares of the open-source software company’s stock worth $114,000 after purchasing an additional 1,187 shares in the last quarter. Shine Investment Advisory Services Inc. purchased a new stake in shares of Red Hat during the second quarter worth about $117,000. Finally, State of Alaska Department of Revenue purchased a new stake in shares of Red Hat during the second quarter worth about $122,000. Hedge funds and other institutional investors own 94.00% 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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