Red Hat, Inc. (NYSE:RHT) Receives $99.26 Average Target Price from Brokerages

Shares of Red Hat, Inc. (NYSE:RHT) have earned a consensus rating of “Buy” from the thirty-three brokerages that are covering the company, Marketbeat.com reports. Nine investment analysts have rated the stock with a hold recommendation and twenty-four have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $99.26.

A number of research analysts have weighed in on RHT shares. Zacks Investment Research upgraded Red Hat from a “hold” rating to a “strong-buy” rating and set a $101.00 target price on the stock in a report on Tuesday, May 2nd. BTIG Research reduced their target price on Red Hat from $120.00 to $95.00 and set a “buy” rating on the stock in a report on Wednesday, June 21st. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $96.00 target price (up previously from $94.00) on shares of Red Hat in a report on Wednesday, May 10th. Sanford C. Bernstein initiated coverage on Red Hat in a research report on Wednesday, May 24th. They issued a “market perform” rating and a $102.00 price target on the stock. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $112.00 price target (up from $95.00) on shares of Red Hat in a research report on Thursday, June 22nd.

Shares of Red Hat (NYSE RHT) traded up 2.85% during midday trading on Friday, hitting $98.68. The company had a trading volume of 1,098,247 shares. The company has a market capitalization of $17.51 billion, a P/E ratio of 67.59 and a beta of 1.26. Red Hat has a 52 week low of $68.54 and a 52 week high of $101.73. The firm’s 50 day moving average is $97.95 and its 200 day moving average is $88.21.

Red Hat (NYSE:RHT) last announced its quarterly earnings results on Tuesday, June 20th. The open-source software company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.03. Red Hat had a return on equity of 22.84% and a net margin of 10.54%. The company had revenue of $677 million for the quarter, compared to the consensus estimate of $647.42 million. During the same quarter in the previous year, the business earned $0.50 EPS. Red Hat’s revenue was up 19.2% compared to the same quarter last year. Equities research analysts anticipate that Red Hat will post $2.66 EPS for the current year.

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In other Red Hat news, EVP Paul J. Cormier sold 30,000 shares of the stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $91.16, for a total value of $2,734,800.00. Following the completion of the sale, the executive vice president now owns 219,578 shares in the company, valued at approximately $20,016,730.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Paul J. Cormier sold 26,462 shares of the stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $91.57, for a total value of $2,423,125.34. Following the completion of the sale, the executive vice president now owns 189,578 shares of the company’s stock, valued at approximately $17,359,657.46. The disclosure for this sale can be found here. Insiders sold a total of 130,549 shares of company stock valued at $12,133,438 over the last 90 days. 0.66% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RHT. Vanguard Group Inc. increased its position in Red Hat by 2.4% in the first quarter. Vanguard Group Inc. now owns 17,147,907 shares of the open-source software company’s stock valued at $1,483,294,000 after buying an additional 399,260 shares during the period. FMR LLC increased its position in Red Hat by 3.3% in the first quarter. FMR LLC now owns 10,079,689 shares of the open-source software company’s stock valued at $871,894,000 after buying an additional 317,464 shares during the period. Sustainable Growth Advisers LP increased its position in Red Hat by 3.8% in the first quarter. Sustainable Growth Advisers LP now owns 2,425,693 shares of the open-source software company’s stock valued at $209,823,000 after buying an additional 88,232 shares during the period. DF Dent & Co. Inc. increased its position in Red Hat by 2.7% in the first quarter. DF Dent & Co. Inc. now owns 1,803,495 shares of the open-source software company’s stock valued at $156,002,000 after buying an additional 47,219 shares during the period. Finally, Geode Capital Management LLC increased its position in Red Hat by 8.8% in the first quarter. Geode Capital Management LLC now owns 1,681,066 shares of the open-source software company’s stock valued at $145,198,000 after buying an additional 135,533 shares during the period. 94.27% of the stock is owned by institutional investors and hedge funds.

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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