Wells Fargo & Company reiterated their outperform rating on shares of Red Hat, Inc. (NYSE:RHT) in a research note released on Wednesday. They currently have a $124.00 price target on the open-source software company’s stock, up from their prior price target of $120.00.

A number of other research firms have also commented on RHT. JMP Securities boosted their price target on shares of Red Hat from $107.00 to $122.00 and gave the company an outperform rating in a research report on Wednesday, September 13th. Credit Suisse Group assumed coverage on shares of Red Hat in a research report on Tuesday, September 5th. They issued a neutral rating and a $111.00 price target on the stock. Drexel Hamilton restated a buy rating and issued a $127.00 price target on shares of Red Hat in a research report on Tuesday, September 19th. Barclays PLC boosted their price target on shares of Red Hat from $105.00 to $120.00 and gave the company an overweight rating in a research report on Monday, September 18th. Finally, Royal Bank Of Canada boosted their price target on shares of Red Hat from $106.00 to $121.00 and gave the company an outperform rating in a research report on Wednesday, September 20th. Ten research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Red Hat currently has an average rating of Buy and an average price target of $110.61.

Shares of Red Hat (NYSE RHT) traded up 1.16% on Wednesday, reaching $110.86. The company’s stock had a trading volume of 1,587,701 shares. The stock has a 50-day moving average of $103.43 and a 200 day moving average of $93.28. The stock has a market capitalization of $19.67 billion, a PE ratio of 75.93 and a beta of 1.24. Red Hat has a 1-year low of $68.54 and a 1-year high of $110.93.

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, beating the Zacks’ consensus estimate of $0.67 by $0.10. The firm 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% compared to the same quarter last year. During the same period in the previous year, the business earned $0.55 earnings per share. On average, equities analysts forecast that Red Hat will post $2.78 EPS for the current year.

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In other news, EVP Delisa Alexander sold 2,444 shares of the company’s stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $98.25, for a total value of $240,123.00. Following the completion of the transaction, the executive vice president now owns 41,570 shares in the company, valued at $4,084,252.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Eric Ryan Shander sold 1,521 shares of the company’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 transaction 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 disclosure for this sale can be found here. Insiders sold 40,081 shares of company stock valued at $3,878,714 in the last quarter. Corporate insiders own 0.66% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in RHT. FMR LLC boosted its holdings in shares of Red Hat by 10.8% in the second quarter. FMR LLC now owns 11,165,642 shares of the open-source software company’s stock valued at $1,069,110,000 after buying an additional 1,085,953 shares during the period. Jericho Capital Asset Management L.P. acquired a new position in shares of Red Hat in the first quarter valued at approximately $92,816,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Red Hat by 282.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,177,208 shares of the open-source software company’s stock valued at $112,718,000 after buying an additional 869,550 shares during the period. Northern Trust Corp boosted its holdings in shares of Red Hat by 28.8% in the second 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 position in shares of Red Hat in the first quarter valued at approximately $61,821,000. 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.

Analyst Recommendations for Red Hat (NYSE:RHT)

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