Red Hat Inc (NYSE:RHT) CEO James M. Whitehurst sold 2,513 shares of the stock in a transaction dated Wednesday, October 17th. The stock was sold at an average price of $125.03, for a total transaction of $314,200.39. Following the sale, the chief executive officer now directly owns 361,627 shares in the company, valued at approximately $45,214,223.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
RHT stock opened at $123.48 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.23 and a current 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 cap of $21.97 billion, a price-to-earnings ratio of 53.69, a P/E/G ratio of 3.24 and a beta of 1.14.
Red Hat (NYSE:RHT) last released its quarterly earnings data on Wednesday, September 19th. The open-source software company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.03. Red Hat had a net margin of 9.15% and a return on equity of 31.80%. The company had revenue of $822.75 million for the quarter, compared to analysts’ expectations of $828.12 million. During the same quarter last year, the company 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, analysts predict that Red Hat Inc will post 2.57 earnings per share for the current year.
Red Hat announced that its board has authorized a share repurchase program on Thursday, June 21st that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the open-source software company to buy up to 4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
A number of hedge funds have recently added to or reduced their stakes in RHT. Janus Henderson Group PLC raised its holdings in 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 purchasing an additional 850,715 shares in the last quarter. Cornerstone Wealth Management LLC raised its holdings in Red Hat by 13,666.2% during the second quarter. Cornerstone Wealth Management LLC now owns 713,364 shares of the open-source software company’s stock worth $5,233,000 after purchasing an additional 708,182 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its holdings in Red Hat by 3,281.3% during the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 421,884 shares of the open-source software company’s stock worth $57,494,000 after purchasing an additional 409,407 shares in the last quarter. Glenmede Trust Co. NA raised its holdings in Red Hat by 22,198.9% during the second quarter. Glenmede Trust Co. NA now owns 339,166 shares of the open-source software company’s stock worth $45,574,000 after purchasing an additional 337,645 shares in the last quarter. Finally, Bristol John W & Co. Inc. NY acquired a new stake in Red Hat during the second quarter worth approximately $27,953,000. 95.13% of the stock is currently owned by institutional investors.
Several analysts have recently issued reports on the stock. Monness Crespi & Hardt reduced their price target on shares of Red Hat from $200.00 to $186.00 and set a “buy” rating on the stock in a research report on Friday, June 22nd. Cowen reaffirmed a “buy” rating and issued a $165.00 target price on shares of Red Hat in a report on Tuesday, June 26th. ValuEngine cut shares of Red Hat from a “strong-buy” rating to a “buy” rating in a report on Friday, June 22nd. Royal Bank of Canada reduced their target price on shares of Red Hat from $180.00 to $177.00 and set an “outperform” rating on the stock in a report on Friday, June 22nd. Finally, UBS Group reaffirmed a “buy” rating and issued a $170.00 target price on shares of Red Hat in a report on Friday, June 22nd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eighteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $156.07.
Red Hat Company Profile
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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