Vetr upgraded shares of Red Hat Inc. (NYSE:RHT) from a hold rating to a buy rating in a research note issued to investors on Monday morning. The brokerage currently has $86.66 price objective on the open-source software company’s stock.
Several other brokerages also recently issued reports on RHT. Jefferies Group reissued a hold rating and set a $75.00 price target on shares of Red Hat in a report on Saturday, June 25th. Zacks Investment Research downgraded shares of Red Hat from a buy rating to a hold rating in a report on Thursday, September 29th. Deutsche Bank AG reissued a buy rating on shares of Red Hat in a report on Friday, June 17th. Barclays PLC reissued a buy rating and set a $90.00 price target on shares of Red Hat in a report on Thursday, September 15th. Finally, Morgan Stanley downgraded shares of Red Hat from an overweight rating to an equal weight rating and lifted their price target for the company from $72.18 to $80.00 in a report on Thursday, July 7th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-four have issued a buy rating to the stock. Red Hat presently has an average rating of Buy and an average price target of $89.33.
Shares of Red Hat (NYSE:RHT) opened at 80.20 on Monday. The company’s 50-day moving average is $75.24 and its 200 day moving average is $74.67. Red Hat has a 1-year low of $59.59 and a 1-year high of $84.44. The firm has a market capitalization of $14.46 billion, a price-to-earnings ratio of 67.45 and a beta of 1.52.
Red Hat (NYSE:RHT) last released its quarterly earnings data on Wednesday, September 21st. The open-source software company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.01. The company earned $599.80 million during the quarter. Red Hat had a net margin of 9.84% and a return on equity of 18.93%. Red Hat’s revenue was up 19.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.47 earnings per share. On average, analysts expect that Red Hat will post $2.24 EPS for the current fiscal year.
In related news, EVP Delisa Alexander sold 2,395 shares of the company’s stock in a transaction dated Tuesday, July 19th. The shares were sold at an average price of $72.83, for a total value of $174,427.85. Following the transaction, the executive vice president now directly owns 60,780 shares in the company, valued at $4,426,607.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Cunningham sold 10,000 shares of the company’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $75.00, for a total transaction of $750,000.00. Following the completion of the transaction, the executive vice president now owns 52,484 shares in the company, valued at $3,936,300. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Wunderlich Capital Managemnt acquired a new position in Red Hat during the second quarter valued at approximately $137,000. Mizuho Asset Management Co. Ltd. boosted its stake in Red Hat by 125.8% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,393 shares of the open-source software company’s stock valued at $174,000 after buying an additional 1,333 shares in the last quarter. Hills Bank & Trust Co. purchased a new stake in Red Hat during the second quarter valued at $222,000. Pacer Advisors Inc. boosted its stake in Red Hat by 10.8% in the second quarter. Pacer Advisors Inc. now owns 3,392 shares of the open-source software company’s stock valued at $246,000 after buying an additional 331 shares in the last quarter. Finally, Wall Street Associates purchased a new stake in Red Hat during the second quarter valued at $247,000. Institutional investors and hedge funds own 94.81% 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.
To view Vetr’s full report, visit Vetr’s official website.
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