Red Hat Inc (NYSE:RHT) – Investment analysts at KeyCorp raised their FY2018 earnings per share (EPS) estimates for shares of Red Hat in a research report issued on Wednesday, Zacks Investment Research reports. KeyCorp analyst A. Kurtz now anticipates that the open-source software company will earn $2.10 per share for the year, up from their previous forecast of $2.02. KeyCorp has a “Overweight” rating and a $135.00 price target on the stock. KeyCorp also issued estimates for Red Hat’s Q4 2018 earnings at $0.61 EPS and FY2019 earnings at $2.52 EPS.
Red Hat (NYSE:RHT) last issued its earnings results on Tuesday, December 19th. The open-source software company reported $0.73 EPS for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $747.98 million during the quarter, compared to the consensus estimate of $734.69 million. During the same quarter in the prior year, the firm earned $0.61 earnings per share. The business’s quarterly revenue was up 21.6% on a year-over-year basis.
Several other equities research analysts also recently commented on RHT. Barclays upped their target price on shares of Red Hat from $105.00 to $120.00 and gave the company an “overweight” rating in a research note on Monday, September 18th. Drexel Hamilton reaffirmed a “buy” rating and issued a $127.00 target price on shares of Red Hat in a research note on Tuesday, September 19th. Wells Fargo & Co reaffirmed an “outperform” rating and issued a $120.00 target price (up previously from $115.00) on shares of Red Hat in a research note on Tuesday, September 19th. Royal Bank of Canada upped their target price on shares of Red Hat from $106.00 to $121.00 and gave the company an “outperform” rating in a research note on Wednesday, September 20th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $115.00 target price on shares of Red Hat in a research note on Wednesday, September 20th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $124.25.
Shares of Red Hat (NYSE:RHT) opened at $125.95 on Friday. Red Hat has a 12 month low of $71.50 and a 12 month high of $130.93. The company has a quick ratio of 1.30, a current ratio of 1.37 and a debt-to-equity ratio of 0.53. The company has a market cap of $22,290.00, a P/E ratio of 68.45, a price-to-earnings-growth ratio of 3.85 and a beta of 1.19.
In related news, EVP Delisa Alexander sold 1,073 shares of the stock in a transaction on Tuesday, October 17th. The shares were sold at an average price of $120.36, for a total transaction of $129,146.28. Following the completion of the transaction, the executive vice president now owns 38,150 shares in the company, valued at $4,591,734. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James M. Whitehurst sold 4,211 shares of the stock in a transaction on Tuesday, October 17th. The shares were sold at an average price of $120.36, for a total transaction of $506,835.96. Following the completion of the sale, the chief executive officer now owns 380,158 shares of the company’s stock, valued at approximately $45,755,816.88. The disclosure for this sale can be found here. Insiders have sold 8,172 shares of company stock valued at $985,517 in the last 90 days. 0.66% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the business. Tredje AP fonden acquired a new stake in Red Hat in the third quarter valued at $345,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Red Hat by 9.3% in the third 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 acquiring an additional 1,224 shares during the last quarter. State of Wisconsin Investment Board lifted its stake in Red Hat by 22.4% in the third 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 acquiring an additional 48,339 shares during the last quarter. Great West Life Assurance Co. Can lifted its stake in Red Hat by 38.6% in the third 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 acquiring an additional 48,695 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Red Hat by 17.6% in the second 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 acquiring an additional 86,292 shares during the last quarter. Hedge funds and other institutional investors own 93.57% of the company’s stock.
TRADEMARK VIOLATION NOTICE: “KeyCorp Weighs in on Red Hat Inc’s FY2018 Earnings (NYSE:RHT)” was posted by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are accessing this piece on another website, it was illegally stolen and republished in violation of U.S. and international trademark and copyright law. The correct version of this piece can be read at https://www.dispatchtribunal.com/2018/01/14/red-hat-inc-expected-to-earn-fy2018-earnings-of-2-10-per-share-rht.html.
Red Hat Company Profile
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.
Get a free copy of the Zacks research report on Red Hat (RHT)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Red Hat Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Red Hat and related companies with MarketBeat.com's FREE daily email newsletter.