Red Hat Inc. (RHT) Sees Strong Trading Volume
Shares of Red Hat Inc. (NYSE:RHT) saw unusually-high trading volume on Thursday . Approximately 2,709,225 shares were traded during trading, an increase of 102% from the previous session’s volume of 1,338,417 shares.The stock last traded at $72.94 and had previously closed at $72.98.
RHT has been the topic of a number of research analyst reports. Vetr lowered Red Hat from a “strong-buy” rating to a “buy” rating and set a $84.24 price target on the stock. in a research report on Wednesday, June 1st. Oppenheimer Holdings Inc. restated a “buy” rating and set a $88.00 price target on shares of Red Hat in a research report on Monday, June 6th. Barclays PLC reiterated an “overweight” rating and issued a $90.00 price objective on shares of Red Hat in a research report on Wednesday, June 15th. Royal Bank Of Canada reiterated a “buy” rating on shares of Red Hat in a research report on Thursday, June 16th. Finally, Deutsche Bank AG reiterated a “buy” rating on shares of Red Hat in a research report on Friday, June 17th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-four have assigned a buy rating to the company’s stock. Red Hat currently has a consensus rating of “Buy” and an average price target of $87.72.
The stock has a market capitalization of $13.21 billion and a P/E ratio of 63.98. The stock has a 50 day moving average price of $73.97 and a 200 day moving average price of $73.38.
Red Hat (NYSE:RHT) last released its quarterly earnings data on Wednesday, June 22nd. The open-source software company reported $0.50 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.50. The company had revenue of $567.90 million for the quarter, compared to the consensus estimate of $562.76 million. Red Hat’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period last year, the company earned $0.44 EPS. On average, equities analysts expect that Red Hat Inc. will post $2.21 EPS for the current year.
In related news, EVP Michael Cunningham sold 10,000 shares of the company’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $75.00, for a total value of $750,000.00. Following the sale, the executive vice president now owns 52,484 shares in the company, valued at approximately $3,936,300. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Delisa Alexander sold 2,395 shares of the company’s stock in a transaction dated Tuesday, July 19th. The stock was sold at an average price of $72.83, for a total transaction of $174,427.85. Following the completion of the sale, the executive vice president now owns 60,780 shares in the company, valued at approximately $4,426,607.40. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Red Hat stock. BlackRock Advisors LLC raised its position in Red Hat Inc. (NYSE:RHT) by 43.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund 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 filing with the SEC.
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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