Zacks: Analysts Anticipate Red Hat, Inc. (RHT) to Announce $0.47 EPS

Equities analysts expect that Red Hat, Inc. (NYSE:RHT) will post earnings per share (EPS) of $0.47 for the current quarter, according to Zacks Investment Research. Eight analysts have made estimates for Red Hat’s earnings, with the lowest EPS estimate coming in at $0.46 and the highest estimate coming in at $0.48. Red Hat posted earnings per share of $0.37 in the same quarter last year, which suggests a positive year over year growth rate of 27%. The company is scheduled to issue its next earnings results on Wednesday, September 20th.

On average, analysts expect that Red Hat will report full year earnings of $1.88 per share for the current year, with EPS estimates ranging from $1.84 to $1.91. For the next year, analysts expect that the firm will report earnings of $2.25 per share, with EPS estimates ranging from $2.13 to $2.34. Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that follow Red Hat.

Red Hat (NYSE:RHT) last released its quarterly earnings data on Tuesday, June 20th. The open-source software company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.03. The company had revenue of $677 million during the quarter, compared to the consensus estimate of $647.42 million. Red Hat had a net margin of 10.54% and a return on equity of 22.84%. The firm’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same period last year, the firm earned $0.50 EPS.

Several equities research analysts recently weighed in on RHT shares. Cowen and Company cut their price objective on shares of Red Hat from $82.00 to $80.00 and set an “outperform” rating for the company in a research report on Tuesday, March 21st. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $105.00 price objective (up previously from $96.00) on shares of Red Hat in a research report on Thursday, June 22nd. William Blair reaffirmed an “outperform” rating on shares of Red Hat in a research report on Wednesday, March 22nd. Piper Jaffray Companies started coverage on shares of Red Hat in a research report on Friday, June 23rd. They set a “neutral” rating and a $100.00 price objective for the company. Finally, Drexel Hamilton reaffirmed a “buy” rating and set a $105.00 price objective on shares of Red Hat in a research report on Friday, March 24th. Nine analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $98.72.

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Shares of Red Hat (RHT) traded down 0.22% during trading on Monday, reaching $98.20. 174,259 shares of the company traded hands. The stock has a market capitalization of $17.43 billion, a PE ratio of 67.26 and a beta of 1.26. Red Hat has a 12 month low of $68.54 and a 12 month high of $100.80. The company has a 50-day moving average of $90.80 and a 200-day moving average of $83.41.

In other news, EVP Delisa Alexander sold 1,440 shares of the firm’s stock in a transaction that occurred on Tuesday, April 18th. The shares were sold at an average price of $85.81, for a total transaction of $123,566.40. Following the completion of the sale, the executive vice president now owns 36,662 shares of the company’s stock, valued at approximately $3,145,966.22. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO James M. Whitehurst sold 4,780 shares of the firm’s stock in a transaction that occurred on Tuesday, April 18th. The stock was sold at an average price of $85.81, for a total transaction of $410,171.80. Following the sale, the chief executive officer now directly owns 402,160 shares of the company’s stock, valued at approximately $34,509,349.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 274,025 shares of company stock valued at $24,543,276. Insiders own 0.66% of the company’s stock.

Several hedge funds have recently made changes to their positions in RHT. State of Alaska Department of Revenue bought a new stake in shares of Red Hat during the second quarter valued at approximately $122,000. Bronfman E.L. Rothschild L.P. increased its stake in shares of Red Hat by 1.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,521 shares of the open-source software company’s stock valued at $132,000 after buying an additional 21 shares during the period. YorkBridge Wealth Partners LLC increased its stake in shares of Red Hat by 102.4% in the first quarter. YorkBridge Wealth Partners LLC now owns 1,538 shares of the open-source software company’s stock valued at $136,000 after buying an additional 778 shares during the period. CENTRAL TRUST Co increased its stake in shares of Red Hat by 8.2% in the first quarter. CENTRAL TRUST Co now owns 1,839 shares of the open-source software company’s stock valued at $159,000 after buying an additional 139 shares during the period. Finally, Point72 Asia Hong Kong Ltd bought a new stake in shares of Red Hat during the first quarter valued at approximately $170,000. 94.50% of the stock is owned by institutional investors.

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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