Analysts at Sanford C. Bernstein began coverage on shares of Red Hat, Inc. (NYSE:RHT) in a research report issued on Wednesday, May 24th, MarketBeat reports. The firm set a “market perform” rating and a $102.00 price target on the open-source software company’s stock. Sanford C. Bernstein’s price target indicates a potential upside of 16.11% from the stock’s previous close.
A number of other equities research analysts have also commented on RHT. Robert W. Baird lowered Red Hat from an “outperform” rating to a “neutral” rating and increased their price target for the stock from $85.00 to $90.00 in a research report on Tuesday, February 28th. Citigroup Inc. decreased their price target on Red Hat from $105.00 to $91.00 and set a “buy” rating on the stock in a research report on Tuesday, March 28th. Vetr lowered Red Hat from a “buy” rating to a “hold” rating and set a $77.67 price target on the stock. in a research report on Monday, January 30th. MKM Partners restated a “neutral” rating and set a $82.00 price target (up from $75.00) on shares of Red Hat in a research report on Thursday, March 30th. Finally, William Blair restated an “outperform” rating on shares of Red Hat in a research report on Tuesday, March 28th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-one have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $91.51.
Shares of Red Hat (NYSE RHT) traded down 0.08% during mid-day trading on Wednesday, hitting $87.85. The company had a trading volume of 1,793,162 shares. Red Hat has a 12-month low of $68.54 and a 12-month high of $92.49. The firm has a market cap of $15.62 billion, a PE ratio of 63.20 and a beta of 1.30. The firm’s 50 day moving average is $88.82 and its 200-day moving average is $82.24.
Red Hat (NYSE:RHT) last released its quarterly earnings data on Monday, March 27th. The open-source software company reported $0.61 earnings per share for the quarter, meeting the consensus estimate of $0.61. The company had revenue of $628.80 million for the quarter, compared to analyst estimates of $618.64 million. Red Hat had a return on equity of 22.04% and a net margin of 10.52%. The company’s revenue was up 15.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.52 EPS. On average, equities analysts expect that Red Hat will post $2.63 EPS for the current year.
In other Red Hat news, EVP Paul J. Cormier sold 30,000 shares of the stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $91.16, for a total transaction of $2,734,800.00. Following the completion of the transaction, the executive vice president now owns 219,578 shares in the company, valued at approximately $20,016,730.48. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Paul J. Cormier sold 26,462 shares of the stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $91.57, for a total value of $2,423,125.34. Following the transaction, the executive vice president now owns 189,578 shares of the company’s stock, valued at approximately $17,359,657.46. The disclosure for this sale can be found here. In the last quarter, insiders have sold 301,336 shares of company stock valued at $26,596,492. Corporate insiders own 0.76% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in RHT. Columbia Partners L L C Investment Management purchased a new position in Red Hat during the first quarter worth about $1,274,000. Achmea Investment Management B.V. purchased a new position in Red Hat during the first quarter worth about $249,000. Bank of Nova Scotia boosted its position in shares of Red Hat by 933.1% in the first quarter. Bank of Nova Scotia now owns 40,849 shares of the open-source software company’s stock valued at $3,533,000 after buying an additional 36,895 shares during the last quarter. Point72 Asia Hong Kong Ltd bought a new position in shares of Red Hat during the first quarter valued at $170,000. Finally, FNY Partners Fund LP bought a new position in shares of Red Hat during the first quarter valued at $389,000. Hedge funds and other institutional investors own 95.41% 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.
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