First Citizens Bank & Trust Co. lowered its position in Red Hat Inc. (NYSE:RHT) by 8.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 67,322 shares of the open-source software company’s stock after selling 5,894 shares during the period. First Citizens Bank & Trust Co.’s holdings in Red Hat were worth $4,888,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in RHT. Hills Bank & Trust Co. bought a new position in Red Hat during the second quarter valued at about $222,000. Acrospire Investment Management LLC bought a new position in Red Hat during the first quarter valued at about $261,000. Creative Planning increased its position in Red Hat by 4.5% in the second quarter. Creative Planning now owns 4,019 shares of the open-source software company’s stock valued at $292,000 after buying an additional 174 shares during the last quarter. YHB Investment Advisors Inc. bought a new position in Red Hat during the second quarter valued at about $302,000. Finally, Capital One National Association bought a new position in Red Hat during the second quarter valued at about $317,000. 94.81% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Red Hat Inc. (NYSE:RHT) traded down 0.93% during trading on Friday, hitting $77.86. 1,235,275 shares of the stock were exchanged. The firm has a 50 day moving average of $75.72 and a 200-day moving average of $74.77. The company has a market cap of $14.04 billion, a price-to-earnings ratio of 65.48 and a beta of 1.53. Red Hat Inc. has a 12-month low of $59.59 and a 12-month high of $84.44.
Red Hat (NYSE:RHT) last posted its earnings results on Wednesday, September 21st. The open-source software company reported $0.55 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.01. The firm earned $599.80 million during the quarter. Red Hat had a net margin of 9.84% and a return on equity of 18.93%. The firm’s revenue for the quarter was up 19.0% compared to the same quarter last year. During the same period last year, the company posted $0.47 EPS. On average, analysts forecast that Red Hat Inc. will post $2.24 earnings per share for the current year.
Several equities analysts have issued reports on RHT shares. Vetr raised shares of Red Hat from a “buy” rating to a “strong-buy” rating and set a $81.54 price objective on the stock in a report on Thursday, September 8th. Jefferies Group reaffirmed a “hold” rating and set a $75.00 price objective 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 reaffirmed a “buy” rating on shares of Red Hat in a report on Friday, June 17th. Finally, Barclays PLC reiterated a “buy” rating and issued a $90.00 target price on shares of Red Hat in a research report on Thursday, September 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-five have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $89.33.
In other Red Hat news, Director William S. Kaiser sold 12,500 shares of the company’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $80.35, for a total value of $1,004,375.00. Following the completion of the transaction, the director now owns 120,814 shares in the company, valued at approximately $9,707,404.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Delisa Alexander sold 2,395 shares of the company’s stock in a transaction that occurred on Tuesday, July 19th. The stock was sold at an average price of $72.83, for a total value of $174,427.85. Following the completion of the transaction, 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 owned by company insiders.
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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