Red Hat, Inc. (RHT) to Post Q3 2018 Earnings of $0.51 Per Share, KeyCorp Forecasts
Red Hat, Inc. (NYSE:RHT) – Investment analysts at KeyCorp raised their Q3 2018 earnings estimates for Red Hat in a note issued to investors on Monday. KeyCorp analyst A. Kurtz now forecasts that the open-source software company will post earnings of $0.51 per share for the quarter, up from their prior forecast of $0.50. KeyCorp has a “Overweight” rating and a $125.00 price objective on the stock. KeyCorp also issued estimates for Red Hat’s Q4 2018 earnings at $0.55 EPS, FY2018 earnings at $2.02 EPS, Q1 2019 earnings at $0.49 EPS, Q2 2019 earnings at $0.64 EPS, Q3 2019 earnings at $0.63 EPS, Q4 2019 earnings at $0.65 EPS and FY2019 earnings at $2.40 EPS.
Red Hat (NYSE:RHT) last released its quarterly earnings results on Monday, September 25th. The open-source software company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.67 by $0.10. Red Hat had a return on equity of 25.27% and a net margin of 11.49%. The business had revenue of $723.60 million during the quarter, compared to analyst estimates of $699.56 million. During the same period last year, the business posted $0.55 earnings per share. The company’s quarterly revenue was up 20.6% on a year-over-year basis.
ILLEGAL ACTIVITY NOTICE: “Red Hat, Inc. (RHT) to Post Q3 2018 Earnings of $0.51 Per Share, KeyCorp Forecasts” was published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this piece on another publication, it was stolen and republished in violation of international copyright and trademark legislation. The correct version of this piece can be accessed at https://www.thecerbatgem.com/2017/09/28/red-hat-inc-rht-to-post-q3-2018-earnings-of-0-51-per-share-keycorp-forecasts.html.
RHT has been the subject of a number of other reports. J P Morgan Chase & Co restated an “overweight” rating and set a $117.00 price objective (up from $110.00) on shares of Red Hat in a report on Tuesday. Drexel Hamilton restated a “buy” rating and set a $127.00 price objective on shares of Red Hat in a report on Tuesday, September 19th. Sanford C. Bernstein restated a “market perform” rating and set a $136.00 price objective (up from $115.00) on shares of Red Hat in a report on Tuesday. Deutsche Bank AG increased their price target on Red Hat from $100.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, June 21st. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $98.00 price target (down from $120.00) on shares of Red Hat in a report on Tuesday. Ten investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Red Hat has an average rating of “Buy” and a consensus price target of $110.61.
Red Hat (NYSE RHT) traded down 0.098% on Thursday, hitting $109.812. The stock had a trading volume of 519,112 shares. The company’s 50-day moving average price is $103.44 and its 200 day moving average price is $93.28. The firm has a market cap of $19.49 billion, a price-to-earnings ratio of 75.214 and a beta of 1.24. Red Hat has a one year low of $68.54 and a one year high of $110.37. Red Hat also was the target of unusually large options trading on Monday. Stock traders bought 13,756 call options on the company. This represents an increase of 604% compared to the typical volume of 1,955 call options.
A number of institutional investors have recently bought and sold shares of RHT. FMR LLC boosted its stake in Red Hat by 10.8% in the 2nd quarter. FMR LLC now owns 11,165,642 shares of the open-source software company’s stock worth $1,069,110,000 after purchasing an additional 1,085,953 shares during the period. Jericho Capital Asset Management L.P. acquired a new position in Red Hat in the 1st quarter worth approximately $92,816,000. Arrowstreet Capital Limited Partnership boosted its stake in Red Hat by 282.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,177,208 shares of the open-source software company’s stock worth $112,718,000 after purchasing an additional 869,550 shares during the period. Northern Trust Corp boosted its stake in shares of Red Hat by 28.8% during the 2nd quarter. Northern Trust Corp now owns 3,794,946 shares of the open-source software company’s stock valued at $363,365,000 after buying an additional 848,777 shares during the period. Finally, MARSHALL WACE ASIA Ltd acquired a new stake in shares of Red Hat during the 1st quarter valued at $61,821,000. 94.00% of the stock is owned by hedge funds and other institutional investors.
In related news, CFO Eric Ryan Shander sold 1,521 shares of the firm’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $99.98, for a total value of $152,069.58. Following the completion of the transaction, the chief financial officer now owns 9,913 shares of the company’s stock, valued at approximately $991,101.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Cunningham sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, July 7th. The stock was sold at an average price of $96.59, for a total transaction of $386,360.00. Following the completion of the transaction, the executive vice president now directly owns 30,050 shares of the company’s stock, valued at approximately $2,902,529.50. The disclosure for this sale can be found here. Insiders sold a total of 44,087 shares of company stock valued at $4,265,012 in the last ninety days. Company insiders own 0.66% of the company’s stock.
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.
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.