Red Hat Inc. (NYSE:RHT)‘s stock had its “buy” rating reiterated by analysts at Mizuho in a research report issued to clients and investors on Friday. They presently have a $88.00 target price on the open-source software company’s stock. Mizuho’s price objective indicates a potential upside of 8.87% from the company’s previous close.
RHT has been the topic of several other research reports. Vetr upgraded shares of Red Hat from a “buy” rating to a “strong-buy” rating and set a $81.54 price target on the stock in a research report on Thursday, September 8th. Zacks Investment Research cut shares of Red Hat from a “buy” rating to a “hold” rating in a report on Thursday. Bank of America Corp. restated a “hold” rating and issued a $90.00 price objective on shares of Red Hat in a report on Thursday, September 22nd. Deutsche Bank AG restated a “buy” rating and issued a $95.00 price objective on shares of Red Hat in a report on Saturday, August 13th. Finally, Citigroup Inc. upped their price objective on shares of Red Hat from $90.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, September 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $89.16.
Red Hat (NYSE:RHT) traded up 0.84% during mid-day trading on Friday, reaching $80.83. The company had a trading volume of 1,678,171 shares. The firm has a 50-day moving average price of $75.06 and a 200 day moving average price of $74.58. Red Hat has a 12-month low of $59.59 and a 12-month high of $84.44. The firm has a market capitalization of $14.58 billion, a price-to-earnings ratio of 67.98 and a beta of 1.32.
Red Hat (NYSE:RHT) last announced its quarterly earnings results on Wednesday, September 21st. The open-source software company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.01. Red Hat had a net margin of 9.84% and a return on equity of 18.93%. The company had revenue of $599.80 million for the quarter. During the same quarter in the prior year, the firm earned $0.47 EPS. Red Hat’s quarterly revenue was up 19.0% compared to the same quarter last year. Analysts expect that Red Hat will post $2.24 EPS for the current year.
In other news, EVP Michael Cunningham sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $75.00, for a total value of $750,000.00. Following the completion of the sale, the executive vice president now owns 52,484 shares in the company, valued at approximately $3,936,300. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Delisa Alexander sold 2,395 shares of the firm’s stock in a transaction dated Tuesday, July 19th. The stock was sold at an average price of $72.83, for a total transaction of $174,427.85. Following the completion of the sale, the executive vice president now owns 60,780 shares of the company’s stock, valued at approximately $4,426,607.40. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the company. Emerald Acquisition Ltd. purchased a new stake in Red Hat during the second quarter valued at about $87,400,000. UBS Asset Management Americas Inc. raised its stake in Red Hat by 155.1% in the first quarter. UBS Asset Management Americas Inc. now owns 1,227,508 shares of the open-source software company’s stock valued at $91,461,000 after buying an additional 746,414 shares during the period. Smith Asset Management Group LP raised its stake in Red Hat by 219.6% in the second quarter. Smith Asset Management Group LP now owns 972,049 shares of the open-source software company’s stock valued at $70,571,000 after buying an additional 667,933 shares during the period. Bank of Montreal Can purchased a new stake in Red Hat during the second quarter valued at about $41,574,000. Finally, FMR LLC raised its stake in Red Hat by 5.1% in the second quarter. FMR LLC now owns 11,463,375 shares of the open-source software company’s stock valued at $832,240,000 after buying an additional 558,296 shares during the period. Hedge funds and other institutional investors own 94.81% of the company’s stock.
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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