Red Hat Inc. (RHT) Sees Unusually-High Trading Volume
Shares of Red Hat Inc. (NYSE:RHT) saw unusually-high trading volume on Thursday . Approximately 2,709,225 shares changed hands during mid-day 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 subject of a number of analyst reports. Vetr downgraded Red Hat from a “strong-buy” rating to a “buy” rating and set a $82.50 price target for the company. in a research report on Monday, August 22nd. Deutsche Bank AG restated a “buy” rating and issued a $95.00 price target on shares of Red Hat in a research report on Saturday, August 13th. Oppenheimer Holdings Inc. restated a “buy” rating and issued a $88.00 price target on shares of Red Hat in a research report on Monday, June 6th. Royal Bank Of Canada restated a “buy” rating on shares of Red Hat in a research report on Thursday, June 16th. Finally, Jefferies Group reiterated a “hold” rating and issued a $75.00 target price on shares of Red Hat in a research note on Saturday, June 25th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-four have assigned a buy rating to the company. Red Hat presently has a consensus rating of “Buy” and a consensus target price of $87.72.
The firm’s 50-day moving average is $73.97 and its 200 day moving average is $73.38. The company has a market capitalization of $13.36 billion and a P/E ratio of 64.69.
Red Hat (NYSE:RHT) last issued its quarterly earnings results on Wednesday, June 22nd. The open-source software company reported $0.50 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.50. The company had revenue of $567.90 million for the quarter, compared to analysts’ expectations 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 quarter last year, the company earned $0.44 EPS. On average, equities analysts predict that Red Hat Inc. will post $2.21 EPS for the current year.
In other news, EVP Michael Cunningham sold 10,000 shares of the stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $75.00, for a total value of $750,000.00. Following the transaction, 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 SEC, which is available at this hyperlink. Also, EVP Delisa Alexander sold 2,395 shares of the stock in a transaction dated Tuesday, July 19th. The shares were 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 owns 60,780 shares in the company, valued at approximately $4,426,607.40. 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 position in shares of Red Hat Inc. (NYSE:RHT) by 43.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. 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 at the end of the most recent quarter.
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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