Red Hat Inc (NYSE:RHT) – Research analysts at KeyCorp upped their Q2 2019 EPS estimates for Red Hat in a research report issued on Sunday. KeyCorp analyst A. Kurtz now forecasts that the open-source software company will post earnings per share of $0.67 for the quarter, up from their prior forecast of $0.64. KeyCorp currently has a “Overweight” rating and a $135.00 target price on the stock. KeyCorp also issued estimates for Red Hat’s Q3 2019 earnings at $0.66 EPS, Q4 2019 earnings at $0.71 EPS and FY2019 earnings at $2.51 EPS.
A number of other analysts also recently weighed in on the stock. Zacks Investment Research raised shares of Red Hat from a “hold” rating to a “buy” rating and set a $140.00 target price for the company in a research report on Tuesday. Bank of America reissued an “underperform” rating and set a $115.00 target price on shares of Red Hat in a research report on Tuesday, October 24th. Deutsche Bank reissued a “buy” rating and set a $130.00 target price on shares of Red Hat in a research report on Monday, October 2nd. BTIG Research reissued a “buy” rating and set a $120.00 target price on shares of Red Hat in a research report on Wednesday, September 27th. Finally, Wells Fargo & Company reissued an “outperform” rating and set a $124.00 target price (up previously from $120.00) on shares of Red Hat in a research report on Wednesday, September 27th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-four have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $111.86.
Red Hat (RHT) traded up $1.86 during trading hours on Tuesday, reaching $123.80. 1,153,905 shares of the company’s stock were exchanged, compared to its average volume of 1,658,151. The firm has a market cap of $21,880.00, a P/E ratio of 66.41, a PEG ratio of 3.84 and a beta of 1.19. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.30 and a quick ratio of 1.30. Red Hat has a twelve month low of $68.54 and a twelve month high of $129.61.
Red Hat (NYSE:RHT) last released its earnings results on Monday, September 25th. The open-source software company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.10. The business had revenue of $723.60 million during the quarter, compared to the consensus estimate of $699.56 million. Red Hat had a net margin of 11.49% and a return on equity of 25.27%. The company’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.55 EPS.
Institutional investors have recently made changes to their positions in the company. D.A. Davidson & CO. increased its position 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 during the last quarter. Clear Perspective Advisors LLC purchased a new stake in Red Hat in the 2nd quarter worth about $112,000. Sun Life Financial INC increased its holdings in Red Hat by 14,837.5% in the 2nd quarter. Sun Life Financial INC now owns 1,195 shares of the open-source software company’s stock worth $114,000 after acquiring an additional 1,187 shares during the last quarter. Shine Investment Advisory Services Inc. purchased a new stake in Red Hat in the 2nd quarter worth about $117,000. Finally, State of Alaska Department of Revenue purchased a new stake in Red Hat in the 2nd quarter worth about $122,000. 93.85% of the stock is owned by hedge funds and other institutional investors.
In other news, EVP Delisa Alexander sold 1,073 shares of the firm’s stock in a transaction on Tuesday, October 17th. The stock was sold at an average price of $120.36, for a total transaction of $129,146.28. Following the completion of the sale, the executive vice president now directly owns 38,150 shares of the company’s stock, valued at approximately $4,591,734. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO James M. Whitehurst sold 12,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $111.15, for a total value of $1,333,800.00. Following the sale, the chief executive officer now directly owns 392,979 shares of the company’s stock, valued at $43,679,615.85. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,172 shares of company stock valued at $3,926,377. Insiders own 0.66% 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.
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