Traders Buy Shares of Red Hat Inc. (RHT) on Weakness
Investors bought shares of Red Hat Inc. (NYSE:RHT) on weakness during trading on Tuesday. $20.74 million flowed into the stock on the tick-up and $14.84 million flowed out of the stock on the tick-down, for a money net flow of $5.90 million into the stock. Of all equities tracked, Red Hat had the 44th highest net in-flow for the day. Red Hat traded down ($0.70) for the day and closed at $73.67
RHT has been the topic of a number of recent analyst reports. Vetr lowered Red Hat from a “strong-buy” rating to a “buy” rating and set a $84.24 target price on the stock. in a research report on Wednesday, June 1st. Deutsche Bank AG reiterated a “buy” rating and set a $95.00 target price on shares of Red Hat in a research report on Saturday, August 13th. Oppenheimer Holdings Inc. reiterated a “buy” rating and set a $88.00 target price on shares of Red Hat in a research report on Monday, June 6th. Royal Bank Of Canada reiterated a “buy” rating on shares of Red Hat in a research report on Thursday, June 16th. Finally, Jefferies Group reiterated a “hold” rating and set a $75.00 target price on shares of Red Hat in a research report on Saturday, June 25th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $87.72.
The company has a market capitalization of $13.21 billion and a price-to-earnings ratio of 63.98. The stock’s 50-day moving average is $74.01 and its 200 day moving average is $73.39.
Red Hat (NYSE:RHT) last released its earnings results on Wednesday, June 22nd. The open-source software company reported $0.50 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.50. The business earned $567.90 million during the quarter, compared to analyst estimates of $562.76 million. During the same quarter in the previous year, the company posted $0.44 earnings per share. The business’s revenue for the quarter was up 18.1% compared to the same quarter last year. On average, equities analysts expect that Red Hat Inc. will post $2.21 earnings per share for the current fiscal year.
In related news, EVP Delisa Alexander sold 2,395 shares of the company’s stock in a transaction on Tuesday, July 19th. The stock was sold at an average price of $72.83, for a total value of $174,427.85. Following the completion of the transaction, the executive vice president now directly owns 60,780 shares in the company, valued at $4,426,607.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Cunningham sold 10,000 shares of the company’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $75.00, for a total value of $750,000.00. Following the completion of the transaction, the executive vice president now owns 52,484 shares of the company’s stock, valued at $3,936,300. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Red Hat stock. BlackRock Advisors LLC raised its stake in shares of Red Hat Inc. (NYSE:RHT) by 43.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 168,072 shares of the open-source software company’s stock after buying an additional 50,714 shares during the period. BlackRock Advisors LLC owned approximately 0.09% of Red Hat worth $13,918,000 as of its most recent SEC filing.
Red Hat, Inc is a provider of open source software solutions, using a community-powered approach to develop and offer operating system, virtualization, middleware, storage and cloud technologies. The Company employs an open source development model. The open source development model allows it to use the collective input, resources and knowledge of a global community of contributors who can collaborate to develop, maintain and enhance software because the human-readable source code for that software is publicly available and licenses permit modification.
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