Red Hat (NYSE:RHT) had its target price raised by BTIG Research from $120.00 to $150.00 in a report published on Wednesday, December 20th, MarketBeat Ratings reports. BTIG Research currently has a buy rating on the open-source software company’s stock.
Several other research firms have also commented on RHT. Robert W. Baird reissued a hold rating on shares of Red Hat in a research note on Wednesday, December 20th. BMO Capital Markets boosted their price objective on shares of Red Hat from $128.00 to $142.00 and gave the stock a market perform rating in a research note on Wednesday, December 20th. Evercore ISI upped their target price on shares of Red Hat to $140.00 and gave the stock a buy rating in a research note on Monday, December 18th. Cowen reiterated a buy rating and issued a $136.00 target price on shares of Red Hat in a research note on Monday, December 11th. Finally, Royal Bank of Canada upped their target price on shares of Red Hat to $134.00 and gave the stock an outperform rating in a research note on Thursday, December 14th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-two have assigned a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $124.25.
Shares of Red Hat (NYSE:RHT) traded up $1.65 during trading hours on Wednesday, reaching $126.16. 2,098,805 shares of the company were exchanged, compared to its average volume of 1,890,000. The stock has a market cap of $22,320.00, a PE ratio of 68.57, a PEG ratio of 3.79 and a beta of 1.19. Red Hat has a one year low of $71.50 and a one year high of $130.93. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.30 and a current ratio of 1.37.
Red Hat (NYSE:RHT) last announced its quarterly earnings results on Tuesday, December 19th. The open-source software company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.03. Red Hat had a net margin of 12.14% and a return on equity of 26.23%. The company had revenue of $747.98 million for the quarter, compared to analysts’ expectations of $734.69 million. During the same quarter in the previous year, the company earned $0.61 earnings per share. Red Hat’s quarterly revenue was up 21.6% on a year-over-year basis. equities research analysts predict that Red Hat will post 2.08 EPS for the current fiscal year.
In other news, insider Michael A. Kelly sold 2,888 shares of the firm’s stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $121.03, for a total value of $349,534.64. Following the completion of the sale, the insider now owns 8,751 shares in the company, valued at approximately $1,059,133.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Delisa Alexander sold 1,073 shares of the firm’s stock in a transaction dated 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 owns 38,150 shares of the company’s stock, valued at approximately $4,591,734. The disclosure for this sale can be found here. Insiders sold a total of 8,172 shares of company stock valued at $985,517 in the last 90 days. Company insiders own 0.66% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Tredje AP fonden purchased a new position in Red Hat in the 3rd quarter worth about $345,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Red Hat by 9.3% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,432 shares of the open-source software company’s stock valued at $1,600,000 after purchasing an additional 1,224 shares during the period. State of Wisconsin Investment Board increased its position in Red Hat by 22.4% during the 3rd quarter. State of Wisconsin Investment Board now owns 264,085 shares of the open-source software company’s stock valued at $29,276,000 after purchasing an additional 48,339 shares during the period. Great West Life Assurance Co. Can increased its position in Red Hat by 38.6% during the 3rd quarter. Great West Life Assurance Co. Can now owns 174,899 shares of the open-source software company’s stock valued at $19,201,000 after purchasing an additional 48,695 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in Red Hat by 17.6% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 576,206 shares of the open-source software company’s stock valued at $55,172,000 after purchasing an additional 86,292 shares during the period. 93.57% of the stock is currently owned by institutional investors.
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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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