Red Hat, Inc. (RHT) Stake Lessened by Fred Alger Management Inc.
Fred Alger Management Inc. decreased its position in Red Hat, Inc. (NYSE:RHT) by 49.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 482,181 shares of the open-source software company’s stock after selling 474,167 shares during the quarter. Fred Alger Management Inc. owned approximately 0.27% of Red Hat worth $46,169,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. D.A. Davidson & CO. raised its holdings in shares of Red Hat by 6.8% in the second quarter. D.A. Davidson & CO. now owns 1,071 shares of the open-source software company’s stock valued at $102,000 after purchasing an additional 68 shares during the last quarter. Sun Life Financial INC lifted its position in shares of 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 valued at $114,000 after purchasing an additional 1,187 shares in the last quarter. Shine Investment Advisory Services Inc. bought a new position in shares of Red Hat during the second quarter valued at about $117,000. State of Alaska Department of Revenue purchased a new position in Red Hat during the second quarter worth about $122,000. Finally, Global X Management Co. LLC boosted its holdings in Red Hat by 91.3% during the second quarter. Global X Management Co. LLC now owns 1,542 shares of the open-source software company’s stock worth $148,000 after purchasing an additional 736 shares during the last quarter. Hedge funds and other institutional investors own 94.03% of the company’s stock.
A number of equities research analysts have issued reports on RHT shares. Deutsche Bank AG reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Red Hat in a research report on Monday. BTIG Research reiterated a “buy” rating and issued a $120.00 price objective on shares of Red Hat in a research note on Wednesday, September 27th. Wells Fargo & Company reissued an “outperform” rating and set a $124.00 target price (up previously from $120.00) on shares of Red Hat in a research report on Wednesday, September 27th. KeyCorp reissued an “overweight” rating and set a $125.00 target price (up previously from $121.00) on shares of Red Hat in a research report on Tuesday, September 26th. Finally, Oppenheimer Holdings, Inc. boosted their target price on Red Hat from $105.00 to $125.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 26th. Ten research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Red Hat presently has an average rating of “Buy” and an average price target of $110.93.
Shares of Red Hat, Inc. (RHT) traded up 0.210% during midday trading on Wednesday, reaching $112.165. 195,012 shares of the company’s stock traded hands. Red Hat, Inc. has a one year low of $68.54 and a one year high of $112.41. The stock’s 50-day moving average price is $106.49 and its 200 day moving average price is $95.19. The firm has a market capitalization of $19.90 billion, a PE ratio of 76.825 and a beta of 1.25.
Red Hat (NYSE:RHT) last announced its quarterly earnings data on Monday, September 25th. The open-source software company reported $0.77 EPS for the quarter, beating 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 business’s revenue was up 20.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.55 earnings per share. On average, equities research analysts expect that Red Hat, Inc. will post $2.78 earnings per share for the current fiscal year.
In other Red Hat news, EVP Delisa Alexander sold 2,444 shares of the company’s stock in a transaction that occurred on Tuesday, July 18th. The stock was 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 directly owns 41,570 shares in the company, valued at approximately $4,084,252.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James M. Whitehurst sold 12,000 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $111.15, for a total value of $1,333,800.00. Following the completion of the transaction, the chief executive officer now owns 392,979 shares of the company’s stock, valued at $43,679,615.85. The disclosure for this sale can be found here. Insiders have sold 40,081 shares of company stock valued at $4,064,114 in the last quarter. 0.66% of the stock is currently owned by company insiders.
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Red Hat 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.
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