Financial Advisors Network Inc. cut its holdings in Red Hat Inc (NYSE:RHT) by 18.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,228 shares of the open-source software company’s stock after selling 1,454 shares during the quarter. Financial Advisors Network Inc.’s holdings in Red Hat were worth $1,148,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc raised its stake in Red Hat by 0.6% during the third quarter. Vanguard Group Inc now owns 18,703,926 shares of the open-source software company’s stock worth $2,548,970,000 after purchasing an additional 103,057 shares during the period. Chicago Equity Partners LLC raised its stake in Red Hat by 22.1% during the fourth quarter. Chicago Equity Partners LLC now owns 2,815 shares of the open-source software company’s stock worth $494,000 after purchasing an additional 510 shares during the period. Daiwa Securities Group Inc. raised its stake in Red Hat by 3.1% during the fourth quarter. Daiwa Securities Group Inc. now owns 6,737 shares of the open-source software company’s stock worth $1,183,000 after purchasing an additional 200 shares during the period. Parallel Advisors LLC raised its stake in Red Hat by 34.1% during the fourth quarter. Parallel Advisors LLC now owns 609 shares of the open-source software company’s stock worth $106,000 after purchasing an additional 155 shares during the period. Finally, Oregon Public Employees Retirement Fund raised its stake in Red Hat by 11,583.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 10,095,436 shares of the open-source software company’s stock worth $57,000 after purchasing an additional 10,009,030 shares during the period. 85.94% of the stock is currently owned by hedge funds and other institutional investors.
Separately, ValuEngine downgraded shares of Red Hat from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 1st. Thirteen investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $168.33.
Shares of Red Hat stock traded down $0.34 during trading hours on Friday, hitting $185.20. The company’s stock had a trading volume of 1,066,822 shares, compared to its average volume of 1,453,401. Red Hat Inc has a 1-year low of $115.31 and a 1-year high of $186.36. The firm has a market capitalization of $32.92 billion, a P/E ratio of 66.38, a PEG ratio of 4.06 and a beta of 0.49. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.14.
Red Hat (NYSE:RHT) last released its quarterly earnings results on Monday, March 25th. The open-source software company reported $1.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.15. The business had revenue of $879.00 million during the quarter, compared to analyst estimates of $885.64 million. Red Hat had a net margin of 12.91% and a return on equity of 35.35%. The business’s revenue was up 13.8% on a year-over-year basis. During the same period last year, the business earned $0.91 EPS. On average, research analysts expect that Red Hat Inc will post 3.04 EPS for the current fiscal year.
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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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