Raymond James Financial Services Advisors Inc. Reduces Position in Red Hat Inc (RHT)
Raymond James Financial Services Advisors Inc. lessened its holdings in shares of Red Hat Inc (NYSE:RHT) by 13.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,902 shares of the open-source software company’s stock after selling 939 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Red Hat were worth $654,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Red Hat by 17.6% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 576,206 shares of the open-source software company’s stock worth $55,172,000 after acquiring an additional 86,292 shares during the last quarter. Northwestern Mutual Investment Management Company LLC lifted its holdings in Red Hat by 1,271.7% during the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 494,347 shares of the open-source software company’s stock worth $35,890,000 after buying an additional 458,307 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in Red Hat by 8.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 652,768 shares of the open-source software company’s stock worth $62,503,000 after buying an additional 48,777 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Red Hat by 5.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 423,556 shares of the open-source software company’s stock worth $40,556,000 after buying an additional 22,314 shares in the last quarter. Finally, Intrust Bank NA acquired a new stake in Red Hat during the 2nd quarter worth approximately $244,000. Institutional investors own 93.85% of the company’s stock.
A number of research firms have issued reports on RHT. Zacks Investment Research upgraded shares of Red Hat from a “hold” rating to a “buy” rating and set a $140.00 target price on the stock in a report on Tuesday. Robert W. Baird reiterated a “hold” rating on shares of Red Hat in a report on Tuesday, September 26th. BTIG Research reiterated a “buy” rating and set a $120.00 target price on shares of Red Hat in a report on Wednesday, September 27th. J P Morgan Chase & Co reiterated an “overweight” rating and set a $117.00 target price (up from $110.00) on shares of Red Hat in a report on Tuesday, September 26th. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $128.00 target price (up from $107.00) on shares of Red Hat in a report on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-four have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $111.86.
Red Hat (NYSE:RHT) last posted its 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 the consensus estimate 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 was up 20.6% on a year-over-year basis. During the same period last year, the firm posted $0.55 EPS. equities analysts expect that Red Hat Inc will post 2 earnings per share for the current year.
In related news, insider Michael A. Kelly sold 2,888 shares of the stock in a transaction on Wednesday, October 18th. The shares were sold at an average price of $121.03, for a total value of $349,534.64. Following the transaction, the insider now directly owns 8,751 shares of the company’s stock, valued at approximately $1,059,133.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO James M. Whitehurst sold 4,211 shares of the stock in a transaction on Tuesday, October 17th. The shares were sold at an average price of $120.36, for a total transaction of $506,835.96. Following the completion of the transaction, the chief executive officer now directly owns 380,158 shares in the company, valued at $45,755,816.88. The disclosure for this sale can be found here. Insiders sold a total of 34,172 shares of company stock worth $3,926,377 over the last ninety days. Insiders own 0.66% of the company’s stock.
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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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