Equities analysts predict that Red Hat Inc (NYSE:RHT) will post sales of $761.96 million for the current quarter, according to Zacks. Eleven analysts have issued estimates for Red Hat’s earnings, with the highest sales estimate coming in at $770.46 million and the lowest estimate coming in at $759.70 million. Red Hat posted sales of $628.84 million during the same quarter last year, which would indicate a positive year over year growth rate of 21.2%. The business is scheduled to report its next quarterly earnings results after the market closes on Monday, March 26th.
On average, analysts expect that Red Hat will report full year sales of $761.96 million for the current financial year, with estimates ranging from $2.89 billion to $2.92 billion. For the next fiscal year, analysts expect that the business will report sales of $3.36 billion per share, with estimates ranging from $3.27 billion to $3.45 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Red Hat.
Red Hat (NYSE:RHT) last issued its quarterly earnings results on Tuesday, December 19th. The open-source software company reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.03. The business had revenue of $747.98 million during the quarter, compared to analyst estimates of $734.69 million. Red Hat had a net margin of 12.14% and a return on equity of 26.23%. Red Hat’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.61 earnings per share.
RHT has been the subject of a number of research reports. Zacks Investment Research lowered shares of Red Hat from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th. Bank of America reissued an “underperform” rating and issued a $115.00 price target on shares of Red Hat in a report on Tuesday, October 24th. Citigroup reissued a “buy” rating and issued a $148.00 price target on shares of Red Hat in a report on Wednesday, December 13th. BMO Capital Markets raised their price target on shares of Red Hat from $128.00 to $142.00 and gave the company a “market perform” rating in a report on Wednesday, December 20th. Finally, BTIG Research raised their price target on shares of Red Hat from $120.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, December 20th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-three have issued a buy rating to the company. Red Hat currently has an average rating of “Buy” and an average target price of $126.65.
Shares of Red Hat (NYSE:RHT) traded up $2.19 during trading on Tuesday, hitting $126.84. 1,943,700 shares of the company were exchanged, compared to its average volume of 1,695,132. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $22,799.92, a price-to-earnings ratio of 69.31, a P/E/G ratio of 3.93 and a beta of 1.23. Red Hat has a fifty-two week low of $78.66 and a fifty-two week high of $135.77.
In other news, Director William S. Kaiser sold 7,700 shares of Red Hat stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $130.00, for a total transaction of $1,001,000.00. Following the transaction, the director now directly owns 61,652 shares of the company’s stock, valued at $8,014,760. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO James M. Whitehurst sold 5,593 shares of Red Hat stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $124.87, for a total transaction of $698,397.91. Following the transaction, the chief executive officer now directly owns 373,506 shares in the company, valued at $46,639,694.22. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,686 shares of company stock worth $1,873,342. Insiders own 0.66% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Jennison Associates LLC boosted its position in shares of Red Hat by 19.4% during the fourth quarter. Jennison Associates LLC now owns 9,552,072 shares of the open-source software company’s stock worth $1,147,204,000 after purchasing an additional 1,550,821 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Red Hat by 13.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,144,600 shares of the open-source software company’s stock worth $257,566,000 after purchasing an additional 260,513 shares in the last quarter. Bank of Montreal Can boosted its position in shares of Red Hat by 93.9% during the fourth quarter. Bank of Montreal Can now owns 1,242,177 shares of the open-source software company’s stock worth $149,187,000 after purchasing an additional 601,622 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of Red Hat by 3.1% during the second quarter. Janus Henderson Group PLC now owns 1,098,660 shares of the open-source software company’s stock worth $105,208,000 after purchasing an additional 32,871 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Red Hat by 14.2% during the fourth quarter. American Century Companies Inc. now owns 1,088,599 shares of the open-source software company’s stock worth $130,741,000 after purchasing an additional 134,965 shares in the last quarter. 95.42% of the stock is currently owned by institutional investors.
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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.
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