Shares of Red Hat Inc. (NYSE:RHT) gapped up before the market opened on Friday . The stock had previously closed at $72.64, but opened at $72.94. Red Hat shares last traded at $73.60, with a volume of 609,949 shares.

RHT has been the subject of several research analyst reports. Oppenheimer Holdings Inc. reaffirmed a “buy” rating and set a $88.00 target price on shares of Red Hat in a report on Monday, June 6th. Vetr downgraded shares of Red Hat from a “strong-buy” rating to a “buy” rating and set a $84.24 target price for the company. in a report on Wednesday, June 1st. Drexel Hamilton reaffirmed a “buy” rating and set a $105.00 target price on shares of Red Hat in a report on Monday, June 20th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Red Hat in a report on Friday, June 17th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating on shares of Red Hat in a report on Thursday, June 16th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twenty-four have given a buy rating to the stock. Red Hat has a consensus rating of “Buy” and a consensus price target of $87.72.

The company has a market cap of $13.36 billion and a price-to-earnings ratio of 64.69. The stock has a 50-day moving average of $73.97 and a 200 day moving average of $73.38.

Red Hat (NYSE:RHT) last announced its earnings results on Wednesday, June 22nd. The open-source software company reported $0.50 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.50. During the same quarter in the previous year, the firm earned $0.44 earnings per share. The company had revenue of $567.90 million for the quarter, compared to the consensus estimate of $562.76 million. The company’s revenue for the quarter was up 18.1% compared to the same quarter last year. On average, equities research analysts predict that Red Hat Inc. will post $2.21 EPS for the current year.

In other Red Hat news, EVP Michael Cunningham sold 10,000 shares of Red Hat stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $73.14, for a total transaction of $731,400.00. Following the transaction, the executive vice president now directly owns 64,800 shares of the company’s stock, valued at $4,739,472. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Delisa Alexander sold 2,395 shares of Red Hat stock in a transaction that occurred on Tuesday, July 19th. The stock was sold at an average price of $72.83, for a total transaction of $174,427.85. Following the transaction, the executive vice president now directly owns 60,780 shares in the company, valued at $4,426,607.40. The disclosure for this sale can be found here.

A hedge fund recently raised its stake in Red Hat stock. State of Tennessee Treasury Department raised its stake in Red Hat Inc. (NYSE:RHT) by 156.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 72,034 shares of the open-source software company’s stock after buying an additional 43,934 shares during the period. State of Tennessee Treasury Department’s holdings in Red Hat were worth $5,965,000 at the end of the most recent reporting period.

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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