MetLife Investment Advisors LLC Has $7.03 Million Stake in Red Hat Inc (RHT)

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MetLife Investment Advisors LLC decreased its stake in Red Hat Inc (NYSE:RHT) by 1.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,303 shares of the open-source software company’s stock after selling 964 shares during the period. MetLife Investment Advisors LLC’s holdings in Red Hat were worth $7,028,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Janus Henderson Group PLC grew its holdings in Red Hat by 64.9% during the second quarter. Janus Henderson Group PLC now owns 2,162,044 shares of the open-source software company’s stock worth $290,527,000 after purchasing an additional 850,715 shares during the period. Old Mutual Global Investors UK Ltd. grew its holdings in Red Hat by 88.0% during the first quarter. Old Mutual Global Investors UK Ltd. now owns 1,515,991 shares of the open-source software company’s stock worth $226,655,000 after purchasing an additional 709,410 shares during the period. Blair William & Co. IL grew its holdings in Red Hat by 1.7% during the first quarter. Blair William & Co. IL now owns 1,419,442 shares of the open-source software company’s stock worth $212,221,000 after purchasing an additional 23,279 shares during the period. OppenheimerFunds Inc. grew its holdings in Red Hat by 393.0% during the first quarter. OppenheimerFunds Inc. now owns 1,230,188 shares of the open-source software company’s stock worth $183,925,000 after purchasing an additional 980,635 shares during the period. Finally, Federated Investors Inc. PA grew its holdings in Red Hat by 9.9% during the first quarter. Federated Investors Inc. PA now owns 975,208 shares of the open-source software company’s stock worth $145,802,000 after purchasing an additional 87,494 shares during the period. Institutional investors own 95.23% of the company’s stock.

Shares of RHT stock opened at $148.86 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.28 and a quick ratio of 1.28. The company has a market cap of $26.94 billion, a price-to-earnings ratio of 63.82, a P/E/G ratio of 3.56 and a beta of 1.07. Red Hat Inc has a 12-month low of $104.51 and a 12-month high of $177.70.

Red Hat (NYSE:RHT) last released its quarterly earnings results on Thursday, June 21st. The open-source software company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.03. Red Hat had a net margin of 9.77% and a return on equity of 30.40%. The company had revenue of $813.53 million during the quarter, compared to the consensus estimate of $807.48 million. During the same period in the previous year, the business earned $0.56 earnings per share. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. sell-side analysts anticipate that Red Hat Inc will post 2.56 EPS for the current fiscal year.

Red Hat announced that its board has authorized a share repurchase plan on Thursday, June 21st that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the open-source software company to purchase up to 4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

In other news, CEO James M. Whitehurst sold 44,472 shares of Red Hat stock in a transaction that occurred on Tuesday, August 7th. The shares were sold at an average price of $142.56, for a total value of $6,339,928.32. Following the completion of the sale, the chief executive officer now directly owns 445,557 shares in the company, valued at $63,518,605.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Michael A. Kelly sold 636 shares of Red Hat stock in a transaction that occurred on Tuesday, July 17th. The shares were sold at an average price of $145.00, for a total transaction of $92,220.00. Following the completion of the sale, the insider now owns 5,965 shares of the company’s stock, valued at $864,925. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,926 shares of company stock valued at $8,145,758. 0.58% of the stock is owned by company insiders.

A number of research firms recently commented on RHT. Barclays lifted their price target on Red Hat from $160.00 to $166.00 and gave the stock an “overweight” rating in a report on Friday, September 7th. Monness Crespi & Hardt reduced their price target on Red Hat from $200.00 to $186.00 and set a “buy” rating for the company in a report on Friday, June 22nd. Cowen reiterated a “buy” rating and set a $165.00 price target on shares of Red Hat in a report on Tuesday, June 26th. ValuEngine cut Red Hat from a “strong-buy” rating to a “buy” rating in a report on Friday, June 22nd. Finally, Royal Bank of Canada reduced their price target on Red Hat from $180.00 to $177.00 and set an “outperform” rating for the company in a report on Friday, June 22nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty have issued a buy rating to the company’s stock. Red Hat presently has an average rating of “Buy” and an average price target of $158.03.

Red Hat Profile

Red Hat, Inc provides open source software solutions to develop and offer operating system, virtualization, management, middleware, cloud, mobile, and storage technologies to various enterprises worldwide. It offers infrastructure-related solutions, such as Red Hat Enterprise Linux, an operating system platform that runs on hardware for use in hybrid cloud environments; Red Hat Satellite, a system management offering that helps to deploy, scale, and manage in hybrid cloud environments; and Red Hat Enterprise Virtualization, a software solution that allows customers to utilize and manage a common hardware infrastructure to run multiple operating systems and applications.

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

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