Red Hat, Inc. (RHT) Receives “Buy” Rating from Deutsche Bank AG
Red Hat, Inc. (NYSE:RHT)‘s stock had its “buy” rating reiterated by equities research analysts at Deutsche Bank AG in a report issued on Monday. They presently have a $130.00 price objective on the open-source software company’s stock. Deutsche Bank AG’s price objective indicates a potential upside of 17.27% from the company’s previous close.
Several other equities analysts have also issued reports on the company. J P Morgan Chase & Co reiterated an “overweight” rating and issued a $117.00 price objective (up from $110.00) on shares of Red Hat in a research report on Tuesday, September 26th. Drexel Hamilton restated a “buy” rating and set a $127.00 target price on shares of Red Hat in a report on Tuesday, September 19th. KeyCorp restated an “overweight” rating and set a $125.00 target price (up from $121.00) on shares of Red Hat in a report on Tuesday, September 26th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $136.00 price target (up previously from $115.00) on shares of Red Hat in a research note on Tuesday, September 26th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $98.00 price target (down previously from $120.00) on shares of Red Hat in a research note on Tuesday, September 26th. Ten research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $110.93.
Red Hat (RHT) traded up 0.952% on Monday, reaching $111.915. 1,200,027 shares of the company’s stock traded hands. The stock’s 50 day moving average is $103.44 and its 200 day moving average is $93.28. The firm has a market cap of $19.86 billion, a price-to-earnings ratio of 76.654 and a beta of 1.25. Red Hat has a 52-week low of $68.54 and a 52-week high of $112.38.
Red Hat (NYSE:RHT) last issued its quarterly earnings data on Monday, September 25th. The open-source software company reported $0.77 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.10. The business had revenue of $723.60 million for the quarter, compared to the consensus estimate of $699.56 million. Red Hat had a return on equity of 25.27% and a net margin of 11.49%. The firm’s revenue was up 20.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.55 EPS. On average, equities research analysts predict that Red Hat will post $2.78 EPS for the current fiscal year.
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In other Red Hat news, EVP Michael Cunningham sold 4,000 shares of Red Hat stock in a transaction dated Friday, July 7th. The shares were sold at an average price of $96.59, for a total value of $386,360.00. Following the completion of the sale, the executive vice president now owns 30,050 shares in the company, valued at approximately $2,902,529.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William S. Kaiser sold 10,994 shares of Red Hat stock in a transaction dated Friday, July 7th. The stock was sold at an average price of $96.20, for a total transaction of $1,057,622.80. Following the completion of the sale, the director now owns 80,814 shares of the company’s stock, valued at approximately $7,774,306.80. The disclosure for this sale can be found here. In the last three months, insiders sold 28,081 shares of company stock valued at $2,730,314. 0.66% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in the business. US Bancorp DE increased its holdings in shares of Red Hat by 1.0% during the second quarter. US Bancorp DE now owns 84,508 shares of the open-source software company’s stock worth $8,091,000 after purchasing an additional 870 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Red Hat by 17.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 576,206 shares of the open-source software company’s stock valued at $55,172,000 after buying an additional 86,292 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in shares of Red Hat by 6.9% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,104 shares of the open-source software company’s stock valued at $1,481,000 after buying an additional 1,100 shares in the last quarter. Northwestern Mutual Investment Management Company LLC raised its position in shares of Red Hat by 1,271.7% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 494,347 shares of the open-source software company’s stock valued at $35,890,000 after buying an additional 458,307 shares in the last quarter. Finally, Hillview Capital Advisors LLC acquired a new stake in shares of Red Hat in the second quarter valued at approximately $345,000. Hedge funds and other institutional investors own 94.03% 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.
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