Baker Avenue Asset Management LP Acquires 5,419 Shares of Red Hat, Inc. (RHT)

Baker Avenue Asset Management LP grew its holdings in shares of Red Hat, Inc. (NYSE:RHT) by 29.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,805 shares of the open-source software company’s stock after purchasing an additional 5,419 shares during the quarter. Baker Avenue Asset Management LP’s holdings in Red Hat were worth $2,279,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. D.A. Davidson & CO. raised its holdings in shares of Red Hat by 6.8% during the 2nd quarter. D.A. Davidson & CO. now owns 1,071 shares of the open-source software company’s stock valued at $102,000 after purchasing an additional 68 shares in the last quarter. Nordea Investment Management AB raised its holdings in shares of Red Hat by 1.0% during the 1st quarter. Nordea Investment Management AB now owns 6,919 shares of the open-source software company’s stock valued at $598,000 after purchasing an additional 70 shares in the last quarter. Advantus Capital Management Inc raised its holdings in shares of Red Hat by 0.5% during the 1st quarter. Advantus Capital Management Inc now owns 17,955 shares of the open-source software company’s stock valued at $1,553,000 after purchasing an additional 93 shares in the last quarter. RB Capital Management LLC raised its holdings in shares of Red Hat by 2.6% during the 2nd quarter. RB Capital Management LLC now owns 3,875 shares of the open-source software company’s stock valued at $371,000 after purchasing an additional 100 shares in the last quarter. Finally, Outfitter Advisors LTD. raised its holdings in shares of Red Hat by 0.9% during the 2nd quarter. Outfitter Advisors LTD. now owns 11,120 shares of the open-source software company’s stock valued at $1,065,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 94.00% of the company’s stock.

Shares of Red Hat, Inc. (NYSE RHT) traded down 0.51% during trading on Friday, hitting $106.30. 1,899,551 shares of the company’s stock were exchanged. The stock’s 50-day moving average price is $103.43 and its 200-day moving average price is $93.28. The stock has a market cap of $18.86 billion, a PE ratio of 72.81 and a beta of 1.24. Red Hat, Inc. has a 1-year low of $68.54 and a 1-year high of $108.39.

A number of research analysts have recently weighed in on the stock. Cowen and Company restated a “buy” rating and set a $112.00 price target on shares of Red Hat in a report on Sunday. Zacks Investment Research upgraded shares of Red Hat from a “hold” rating to a “buy” rating and set a $120.00 target price on the stock in a report on Thursday. Stifel Nicolaus reiterated a “buy” rating and issued a $115.00 target price on shares of Red Hat in a report on Wednesday. Royal Bank Of Canada lifted their target price on shares of Red Hat from $106.00 to $121.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Wells Fargo & Company reiterated an “outperform” rating and issued a $120.00 target price (up previously from $115.00) on shares of Red Hat in a report on Tuesday, September 19th. Ten research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $103.99.

In other news, CEO James M. Whitehurst sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $95.70, for a total value of $1,148,400.00. Following the sale, the chief executive officer now directly owns 422,873 shares in the company, valued at approximately $40,468,946.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William S. Kaiser sold 4,006 shares of the firm’s stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $96.43, for a total transaction of $386,298.58. Following the completion of the sale, the director now owns 91,808 shares in the company, valued at $8,853,045.44. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,087 shares of company stock worth $4,265,012. 0.66% of the stock is currently owned by corporate insiders.

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Red Hat 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.

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Institutional Ownership by Quarter for Red Hat (NYSE:RHT)

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