Red Hat, Inc. (NYSE:RHT)‘s stock had its “underperform” rating reaffirmed by research analysts at Bank of America Corporation in a report issued on Tuesday, October 24th, Marketbeat.com reports. They currently have a $115.00 target price on the open-source software company’s stock. Bank of America Corporation’s price target suggests a potential downside of 7.39% from the stock’s previous close.
Other analysts have also issued reports about the stock. Zacks Investment Research raised shares of Red Hat from a “hold” rating to a “buy” rating and set a $120.00 price objective for the company in a research note on Thursday, September 21st. Stifel Nicolaus reiterated a “buy” rating and issued a $115.00 target price on shares of Red Hat in a report on Wednesday, September 20th. Drexel Hamilton restated a “buy” rating and set a $127.00 price objective on shares of Red Hat in a report on Tuesday, September 19th. Moffett Nathanson assumed coverage on shares of Red Hat in a report on Wednesday, September 6th. They issued a “buy” rating on the stock. Finally, Mizuho reiterated a “buy” rating and issued a $125.00 price target (up previously from $109.00) 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 assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $110.93.
Red Hat (NYSE:RHT) traded up $0.68 during mid-day trading on Tuesday, reaching $124.18. 1,141,700 shares of the company’s stock were exchanged, compared to its average volume of 1,225,808. The company has a market capitalization of $22,139.80, a PE ratio of 68.23, a price-to-earnings-growth ratio of 3.95 and a beta of 1.18. Red Hat has a fifty-two week low of $68.54 and a fifty-two week high of $124.56. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.30 and a quick ratio of 1.30.
Red Hat (NYSE:RHT) last issued its earnings results on Monday, September 25th. The open-source software company reported $0.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.10. Red Hat had a net margin of 11.49% and a return on equity of 25.27%. The firm had revenue of $723.60 million during the quarter, compared to analyst estimates of $699.56 million. During the same period in the previous year, the firm earned $0.55 earnings per share. The business’s revenue was up 20.6% on a year-over-year basis. equities research analysts forecast that Red Hat will post 2 earnings per share for the current fiscal year.
In related news, Director William S. Kaiser sold 14,000 shares of the company’s stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $114.79, for a total transaction of $1,607,060.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Michael A. Kelly sold 2,888 shares of the company’s stock in a transaction on Wednesday, October 18th. The stock was 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 in the company, valued at approximately $1,059,133.53. The disclosure for this sale can be found here. In the last three months, insiders sold 134,172 shares of company stock worth $3,999,377. Corporate insiders own 0.66% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Zeke Capital Advisors LLC acquired a new position in Red Hat during the third quarter worth $358,000. Amalgamated Bank grew its holdings in Red Hat by 2.5% during the third quarter. Amalgamated Bank now owns 21,352 shares of the open-source software company’s stock worth $2,367,000 after acquiring an additional 528 shares during the period. Twin Capital Management Inc. grew its holdings in Red Hat by 187.8% during the third quarter. Twin Capital Management Inc. now owns 46,581 shares of the open-source software company’s stock worth $5,164,000 after acquiring an additional 30,398 shares during the period. Dai Ichi Life Insurance Company Ltd boosted its position in Red Hat by 1.4% during the third quarter. Dai Ichi Life Insurance Company Ltd now owns 42,959 shares of the open-source software company’s stock worth $4,762,000 after purchasing an additional 596 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Red Hat by 9.3% during the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,432 shares of the open-source software company’s stock worth $1,600,000 after purchasing an additional 1,224 shares in the last quarter. 95.14% of the stock is currently owned by hedge funds and other institutional investors.
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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