Red Hat (RHT) Price Target Raised to $172.00 at BMO Capital Markets

Red Hat (NYSE:RHT) had its price target upped by research analysts at BMO Capital Markets from $142.00 to $172.00 in a report released on Friday, MarketBeat.com reports. The brokerage presently has a “market perform” rating on the open-source software company’s stock. BMO Capital Markets’ target price would indicate a potential upside of 16.29% from the company’s previous close.

A number of other brokerages have also recently issued reports on RHT. Barclays upped their price objective on shares of Red Hat from $145.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, March 19th. Cowen reaffirmed a “buy” rating and issued a $136.00 price objective on shares of Red Hat in a research note on Monday, December 11th. Royal Bank of Canada upped their price objective on shares of Red Hat to $134.00 and gave the company an “outperform” rating in a research note on Thursday, December 14th. Evercore ISI upped their price objective on shares of Red Hat to $140.00 and gave the company a “buy” rating in a research note on Monday, December 18th. Finally, Deutsche Bank reiterated a “buy” rating and set a $150.00 price target on shares of Red Hat in a report on Wednesday, December 20th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-three have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $131.78.

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Shares of Red Hat (NYSE:RHT) opened at $147.90 on Friday. Red Hat has a 12 month low of $81.92 and a 12 month high of $157.22. The stock has a market cap of $26,178.89, a price-to-earnings ratio of 76.24, a PEG ratio of 3.92 and a beta of 1.06. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.53.

In other Red Hat news, CEO James M. Whitehurst sold 5,593 shares of the company’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $124.87, for a total value of $698,397.91. Following the completion of the transaction, the chief executive officer now directly owns 373,506 shares in the company, valued at approximately $46,639,694.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Delisa Alexander sold 1,393 shares of the company’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $124.87, for a total transaction of $173,943.91. Following the completion of the transaction, the executive vice president now owns 36,420 shares of the company’s stock, valued at $4,547,765.40. The disclosure for this sale can be found here. Insiders sold a total of 14,686 shares of company stock valued at $1,873,342 over the last 90 days. Company insiders own 0.66% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. New York State Common Retirement Fund grew its position in shares of Red Hat by 10.0% in the 3rd quarter. New York State Common Retirement Fund now owns 425,325 shares of the open-source software company’s stock worth $47,152,000 after buying an additional 38,825 shares during the period. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in shares of Red Hat in the 3rd quarter worth about $414,000. Cambridge Investment Research Advisors Inc. grew its position in shares of Red Hat by 50.5% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 4,934 shares of the open-source software company’s stock worth $547,000 after buying an additional 1,655 shares during the period. Norinchukin Bank The grew its position in shares of Red Hat by 7.1% in the 3rd quarter. Norinchukin Bank The now owns 13,208 shares of the open-source software company’s stock worth $1,464,000 after buying an additional 871 shares during the period. Finally, Oppenheimer & Co. Inc. grew its position in shares of Red Hat by 4.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,620 shares of the open-source software company’s stock worth $3,728,000 after buying an additional 1,283 shares during the period. Institutional investors and hedge funds own 95.71% of the company’s stock.

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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.

Analyst Recommendations for Red Hat (NYSE:RHT)

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