Seven Eight Capital LP boosted its position in Red Hat, Inc. (NYSE:RHT) by 22.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,000 shares of the open-source software company’s stock after buying an additional 12,200 shares during the period. Red Hat makes up about 0.9% of Seven Eight Capital LP’s holdings, making the stock its 16th biggest position. Seven Eight Capital LP’s holdings in Red Hat were worth $6,320,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Shine Investment Advisory Services Inc. purchased a new stake in shares of Red Hat during the 2nd quarter worth $117,000. State of Alaska Department of Revenue purchased a new stake in shares of Red Hat during the 2nd quarter worth $122,000. Bronfman E.L. Rothschild L.P. boosted its position in shares of Red Hat by 1.4% during the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 1,521 shares of the open-source software company’s stock worth $132,000 after purchasing an additional 21 shares in the last quarter. Global X Management Co. LLC boosted its position in shares of Red Hat by 91.3% during the 2nd quarter. Global X Management Co. LLC now owns 1,542 shares of the open-source software company’s stock worth $148,000 after purchasing an additional 736 shares in the last quarter. Finally, Point72 Asia Hong Kong Ltd purchased a new stake in shares of Red Hat during the 1st quarter worth $170,000. Hedge funds and other institutional investors own 94.21% of the company’s stock.
Several brokerages have commented on RHT. Robert W. Baird boosted their target price on shares of Red Hat from $90.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 21st. Mizuho decreased their target price on shares of Red Hat from $109.00 to $96.00 and set a “buy” rating on the stock in a research report on Wednesday, June 21st. Morgan Stanley reiterated an “equal weight” rating and issued a $98.00 price objective (up from $90.00) on shares of Red Hat in a research report on Wednesday, June 21st. BTIG Research decreased their price objective on shares of Red Hat from $120.00 to $95.00 and set a “buy” rating on the stock in a research report on Wednesday, June 21st. Finally, Jefferies Group LLC reiterated a “hold” rating on shares of Red Hat in a research report on Thursday, June 22nd. Eleven analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Red Hat presently has a consensus rating of “Buy” and a consensus price target of $99.80.
In other Red Hat news, CEO James M. Whitehurst sold 12,000 shares of Red Hat stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $95.70, for a total value of $1,148,400.00. Following the completion of the transaction, the chief executive officer now owns 422,873 shares in the company, valued at approximately $40,468,946.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Delisa Alexander sold 2,444 shares of Red Hat stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $98.25, for a total value of $240,123.00. Following the completion of the transaction, the executive vice president now owns 41,570 shares of the company’s stock, valued at approximately $4,084,252.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,087 shares of company stock worth $4,265,012. 0.66% of the stock is owned by insiders.
Shares of Red Hat, Inc. (NYSE:RHT) traded down 0.36% during midday trading on Tuesday, reaching $107.23. The company’s stock had a trading volume of 402,441 shares. Red Hat, Inc. has a 52-week low of $68.54 and a 52-week high of $108.09. The stock has a 50 day moving average price of $101.88 and a 200-day moving average price of $92.11. The company has a market capitalization of $19.03 billion, a price-to-earnings ratio of 73.45 and a beta of 1.24.
Red Hat (NYSE:RHT) last announced its quarterly earnings results on Tuesday, June 20th. The open-source software company reported $0.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.03. The business had revenue of $677.00 million for the quarter, compared to analyst estimates of $647.42 million. Red Hat had a return on equity of 22.84% and a net margin of 10.54%. Red Hat’s quarterly revenue was up 19.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.50 EPS. Equities research analysts expect that Red Hat, Inc. will post $2.69 EPS for the current year.
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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