Red Hat Inc (RHT) Expected to Post Quarterly Sales of $925.98 Million

Brokerages expect Red Hat Inc (NYSE:RHT) to post $925.98 million in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Red Hat’s earnings, with the highest sales estimate coming in at $933.00 million and the lowest estimate coming in at $920.10 million. Red Hat posted sales of $813.53 million during the same quarter last year, which suggests a positive year-over-year growth rate of 13.8%. The company is scheduled to announce its next earnings report on Thursday, June 20th.

According to Zacks, analysts expect that Red Hat will report full year sales of $3.85 billion for the current financial year, with estimates ranging from $3.78 billion to $3.92 billion. For the next financial year, analysts expect that the business will report sales of $4.42 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Red Hat.

Red Hat (NYSE:RHT) last announced its quarterly earnings data on Monday, March 25th. The open-source software company reported $1.16 EPS for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.15. Red Hat had a return on equity of 35.35% and a net margin of 12.91%. The firm had revenue of $879.00 million during the quarter, compared to analyst estimates of $885.64 million. During the same period last year, the company posted $0.91 EPS. The business’s quarterly revenue was up 13.8% compared to the same quarter last year.

Separately, ValuEngine lowered Red Hat from a “strong-buy” rating to a “buy” rating in a research report on Monday, April 1st. Thirteen research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Red Hat has an average rating of “Hold” and a consensus price target of $168.33.

NYSE RHT traded down $0.13 during trading on Friday, reaching $186.07. 65,858 shares of the company’s stock were exchanged, compared to its average volume of 1,302,211. Red Hat has a fifty-two week low of $115.31 and a fifty-two week high of $186.30. The firm has a market capitalization of $33.10 billion, a PE ratio of 66.68, a PEG ratio of 4.09 and a beta of 0.52. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.14.

Several institutional investors have recently made changes to their positions in RHT. Proficio Capital Partners LLC lifted its holdings in Red Hat by 20.9% during the fourth quarter. Proficio Capital Partners LLC now owns 336 shares of the open-source software company’s stock valued at $59,000 after purchasing an additional 58 shares in the last quarter. Camden National Bank lifted its holdings in Red Hat by 3.0% during the fourth quarter. Camden National Bank now owns 2,040 shares of the open-source software company’s stock valued at $358,000 after purchasing an additional 60 shares in the last quarter. Enterprise Financial Services Corp lifted its stake in shares of Red Hat by 1.9% in the fourth quarter. Enterprise Financial Services Corp now owns 3,209 shares of the open-source software company’s stock worth $564,000 after buying an additional 61 shares in the last quarter. Cornerstone Advisors Inc. lifted its stake in shares of Red Hat by 26.4% in the first quarter. Cornerstone Advisors Inc. now owns 297 shares of the open-source software company’s stock worth $54,000 after buying an additional 62 shares in the last quarter. Finally, Glassman Wealth Services lifted its stake in shares of Red Hat by 58.0% in the first quarter. Glassman Wealth Services now owns 207 shares of the open-source software company’s stock worth $38,000 after buying an additional 76 shares in the last quarter. Institutional investors and hedge funds own 93.92% of the company’s stock.

About Red Hat

Red Hat, Inc provides open source software solutions to develop and offer operating system, virtualization, management, middleware, cloud, mobile, and storage technologies to various enterprises worldwide. It offers infrastructure-related solutions, such as Red Hat Enterprise Linux, an operating system platform that runs on hardware for use in hybrid cloud environments; Red Hat Satellite, a system management offering that helps to deploy, scale, and manage in hybrid cloud environments; and Red Hat Enterprise Virtualization, a software solution that allows customers to utilize and manage a common hardware infrastructure to run multiple operating systems and applications.

Featured Story: Federal Reserve

Get a free copy of the Zacks research report on Red Hat (RHT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Red Hat (NYSE:RHT)

Receive News & Ratings for Red Hat Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Red Hat and related companies with MarketBeat.com's FREE daily email newsletter.