Red Hat, Inc. (RHT) Rating Reiterated by Sanford C. Bernstein
Red Hat, Inc. (NYSE:RHT)‘s stock had its “market perform” rating restated by investment analysts at Sanford C. Bernstein in a report released on Tuesday. They presently have a $136.00 target price on the open-source software company’s stock, up from their previous target price of $115.00. Sanford C. Bernstein’s price target would suggest a potential upside of 23.73% from the company’s current price.
Other analysts also recently issued reports about the stock. Robert W. Baird reiterated a “hold” rating on shares of Red Hat in a research report on Tuesday. Deutsche Bank AG reiterated a “buy” rating and issued a $120.00 price target (up from $110.00) on shares of Red Hat in a research report on Tuesday. Barclays PLC increased their price target on shares of Red Hat from $120.00 to $122.00 and gave the company an “overweight” rating in a research report on Tuesday. Stifel Nicolaus reiterated a “buy” rating and issued a $115.00 price target on shares of Red Hat in a research report on Wednesday, September 20th. Finally, J P Morgan Chase & Co reiterated an “overweight” rating and issued a $117.00 price target (up from $110.00) on shares of Red Hat in a research report on Tuesday. Ten research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $110.61.
Shares of Red Hat (NYSE:RHT) opened at 109.92 on Tuesday. Red Hat has a 12-month low of $68.54 and a 12-month high of $111.23. The firm has a market cap of $19.51 billion, a price-to-earnings ratio of 75.29 and a beta of 1.24. The stock’s 50 day moving average is $103.43 and its 200-day moving average is $93.28. Red Hat also saw some unusual options trading activity on Monday. Stock investors purchased 13,756 call options on the stock. This is an increase of approximately 604% compared to the typical daily volume of 1,955 call options.
Red Hat (NYSE:RHT) last issued its earnings results on Monday, September 25th. The open-source software company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.10. The company had revenue of $723.60 million for the quarter, compared to analyst estimates of $699.56 million. Red Hat had a net margin of 11.49% and a return on equity of 25.27%. The company’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.55 EPS. On average, analysts anticipate that Red Hat will post $2.79 EPS for the current fiscal year.
In other Red Hat news, CFO Eric Ryan Shander sold 1,521 shares of Red Hat stock in a transaction 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 directly owns 9,913 shares of the company’s stock, valued at $991,101.74. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Delisa Alexander sold 2,444 shares of Red Hat stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $98.25, for a total transaction of $240,123.00. Following the transaction, the executive vice president now directly owns 41,570 shares of the company’s stock, valued at $4,084,252.50. The disclosure for this sale can be found here. Insiders sold 44,087 shares of company stock valued at $4,265,012 over the last three months. 0.66% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in RHT. D.A. Davidson & CO. boosted its position in 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 during the period. Clear Perspective Advisors LLC bought a new position in Red Hat during the second quarter worth $112,000. Sun Life Financial INC boosted its position in 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 during the period. Shine Investment Advisory Services Inc. bought a new position in Red Hat during the second quarter worth $117,000. Finally, State of Alaska Department of Revenue bought a new position in Red Hat during the second quarter worth $122,000. 94.00% of the stock is 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.
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