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.

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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.

Earnings History and Estimates for Red Hat (NYSE:RHT)

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