Peregrine Capital Management LLC Has $19.53 Million Stake in Red Hat Inc (RHT)

Peregrine Capital Management LLC lifted its stake in shares of Red Hat Inc (NYSE:RHT) by 18.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 143,326 shares of the open-source software company’s stock after purchasing an additional 22,002 shares during the period. Peregrine Capital Management LLC’s holdings in Red Hat were worth $19,532,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the company. Janus Henderson Group PLC grew its position in shares of Red Hat by 64.9% during the second quarter. Janus Henderson Group PLC now owns 2,162,044 shares of the open-source software company’s stock worth $290,527,000 after buying an additional 850,715 shares in the last quarter. MERIAN GLOBAL INVESTORS UK Ltd grew its position in shares of Red Hat by 1.2% during the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 1,832,275 shares of the open-source software company’s stock worth $249,702,000 after buying an additional 21,970 shares in the last quarter. First Trust Advisors LP grew its position in shares of Red Hat by 20.8% during the second quarter. First Trust Advisors LP now owns 891,428 shares of the open-source software company’s stock worth $119,781,000 after buying an additional 153,670 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Red Hat by 26.5% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 876,595 shares of the open-source software company’s stock worth $117,788,000 after buying an additional 183,715 shares in the last quarter. Finally, Swedbank grew its position in shares of Red Hat by 2.9% during the second quarter. Swedbank now owns 819,370 shares of the open-source software company’s stock worth $110,099,000 after buying an additional 23,094 shares in the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE RHT opened at $121.85 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.23 and a quick ratio of 1.23. Red Hat Inc has a twelve month low of $116.31 and a twelve month high of $177.70. The company has a market capitalization of $21.97 billion, a price-to-earnings ratio of 52.98, a PEG ratio of 3.24 and a beta of 1.14.

Red Hat (NYSE:RHT) last issued its quarterly earnings data on Wednesday, September 19th. The open-source software company reported $0.85 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.03. Red Hat had a return on equity of 31.80% and a net margin of 9.15%. The company had revenue of $822.75 million during the quarter, compared to analysts’ expectations of $828.12 million. During the same quarter in the previous year, the business earned $0.77 earnings per share. The firm’s revenue for the quarter was up 13.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Red Hat Inc will post 2.57 earnings per share for the current year.

Red Hat announced that its Board of Directors has authorized a share buyback plan on Thursday, June 21st that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the open-source software company to buy up to 4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

In other Red Hat news, EVP Delisa Alexander sold 960 shares of the business’s stock in a transaction that occurred on Wednesday, October 17th. The stock was sold at an average price of $125.03, for a total value of $120,028.80. Following the completion of the sale, the executive vice president now owns 33,217 shares in the company, valued at $4,153,121.51. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO James M. Whitehurst sold 2,513 shares of the business’s stock in a transaction that occurred on Wednesday, October 17th. The shares were sold at an average price of $125.03, for a total value of $314,200.39. Following the completion of the sale, the chief executive officer now owns 361,627 shares of the company’s stock, valued at approximately $45,214,223.81. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,103 shares of company stock valued at $6,793,912. 0.58% of the stock is owned by company insiders.

RHT has been the subject of a number of analyst reports. ValuEngine downgraded Red Hat from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 22nd. Monness Crespi & Hardt lowered their price target on Red Hat from $200.00 to $186.00 and set a “buy” rating for the company in a report on Friday, June 22nd. UBS Group reaffirmed a “buy” rating and issued a $170.00 price target on shares of Red Hat in a report on Friday, June 22nd. Zacks Investment Research raised Red Hat from a “hold” rating to a “buy” rating and set a $159.00 price target for the company in a report on Tuesday, June 26th. Finally, Cowen reaffirmed a “buy” rating and issued a $165.00 price target on shares of Red Hat in a report on Tuesday, June 26th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eighteen 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 $156.07.

About Red Hat

Red Hat, Inc provides open source software solutions to develop and offer operating system, virtualization, management, middleware, cloud, mobile, and storage technologies to various enterprises worldwide. It offers infrastructure-related solutions, such as Red Hat Enterprise Linux, an operating system platform that runs on hardware for use in hybrid cloud environments; Red Hat Satellite, a system management offering that helps to deploy, scale, and manage in hybrid cloud environments; and Red Hat Enterprise Virtualization, a software solution that allows customers to utilize and manage a common hardware infrastructure to run multiple operating systems and applications.

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Institutional Ownership by Quarter for Red Hat (NYSE:RHT)

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