Red Hat Inc. (RHT) Shares Gap Up to $72.94
Red Hat Inc. (NYSE:RHT) shares 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 trading hands.
RHT has been the subject of a number of recent research reports. Barclays PLC reiterated an “overweight” rating and set a $90.00 price objective on shares of Red Hat in a research note on Wednesday, June 15th. Vetr downgraded Red Hat from a “strong-buy” rating to a “buy” rating and set a $84.60 price objective for the company. in a research note on Monday, August 8th. Deutsche Bank AG reiterated a “buy” rating on shares of Red Hat in a research note on Friday, June 17th. William Blair reiterated an “outperform” rating on shares of Red Hat in a research note on Tuesday, July 5th. Finally, Credit Suisse Group AG reiterated an “outperform” rating and set a $95.00 price objective on shares of Red Hat in a research note 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 assigned a buy rating to the company’s stock. Red Hat has an average rating of “Buy” and an average price target of $87.72.
The firm has a market capitalization of $13.36 billion and a P/E ratio of 64.69. The company’s 50 day moving average price is $73.97 and its 200-day moving average price is $73.38.
Red Hat (NYSE:RHT) last posted its earnings results on Wednesday, June 22nd. The open-source software company reported $0.50 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.50. The business earned $567.90 million during the quarter, compared to analysts’ expectations of $562.76 million. During the same quarter in the prior year, the firm earned $0.44 EPS. Red Hat’s revenue for the quarter was up 18.1% compared to the same quarter last year. On average, equities analysts predict that Red Hat Inc. will post $2.21 EPS for the current year.
In other news, EVP Delisa Alexander sold 2,395 shares of Red Hat 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 sale, the executive vice president now directly owns 60,780 shares of the company’s stock, valued at $4,426,607.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael Cunningham sold 10,000 shares of Red Hat 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 sale, the executive vice president now directly owns 52,484 shares of the company’s stock, valued at $3,936,300. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Red Hat stock. BlackRock Advisors LLC boosted its position in shares of Red Hat Inc. (NYSE:RHT) by 43.2% during the fourth quarter, according to its most recent disclosure with the 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 about 0.09% of Red Hat worth $13,918,000 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.