Red Hat Inc. (NYSE:RHT) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided EPS guidance of $0.58 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.57. The company issued revenue guidance of $613-623 million, compared to the consensus revenue estimate of $611.48 million.Red Hat also updated its FY17 guidance to $2.23-2.25 EPS.

Shares of Red Hat Inc. (NYSE:RHT) traded up 1.66% during trading on Wednesday, reaching $77.04. 2,935,170 shares of the company traded hands. Red Hat Inc. has a 12-month low of $59.59 and a 12-month high of $84.44. The stock has a market capitalization of $13.95 billion, a PE ratio of 67.58 and a beta of 1.32. The firm’s 50-day moving average is $73.96 and its 200-day moving average is $74.09.

Red Hat (NYSE:RHT) last announced its quarterly earnings data on Wednesday, September 21st. The open-source software company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.54 by $0.01. The business had revenue of $599.80 million for the quarter, compared to analyst estimates of $593.34 million. Red Hat had a net margin of 9.93% and a return on equity of 18.27%. The company’s revenue for the quarter was up 19.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.47 earnings per share. On average, equities analysts predict that Red Hat Inc. will post $2.21 earnings per share for the current fiscal year.

Several analysts have commented on the stock. Raymond James Financial Inc. reaffirmed a buy rating on shares of Red Hat in a research report on Thursday, June 23rd. Deutsche Bank AG reaffirmed a buy rating and issued a $95.00 price objective on shares of Red Hat in a research report on Thursday, June 23rd. Robert W. Baird reaffirmed a buy rating on shares of Red Hat in a research report on Thursday, June 23rd. Royal Bank Of Canada reaffirmed a buy rating on shares of Red Hat in a research report on Thursday, June 23rd. Finally, Oppenheimer Holdings Inc. reaffirmed a buy rating and issued a $88.00 price objective on shares of Red Hat in a research report on Thursday, June 23rd. Two research analysts have rated the stock with a sell rating, five have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. Red Hat has a consensus rating of Buy and a consensus price target of $87.69.

In other news, EVP Delisa Alexander sold 2,395 shares of the company’s 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 sale, the executive vice president now directly owns 60,780 shares of the company’s stock, valued at approximately $4,426,607.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Cunningham sold 10,000 shares of the company’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $75.00, for a total transaction of $750,000.00. Following the completion of the sale, the executive vice president now directly owns 52,484 shares in the company, valued at $3,936,300. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Globeflex Capital L P increased its stake in Red Hat by 1.8% in the second quarter. Globeflex Capital L P now owns 6,201 shares of the open-source software company’s stock worth $450,000 after buying an additional 112 shares in the last quarter. ProShare Advisors LLC increased its stake in Red Hat by 0.8% in the second quarter. ProShare Advisors LLC now owns 21,946 shares of the open-source software company’s stock worth $1,593,000 after buying an additional 175 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in Red Hat by 1.0% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 19,504 shares of the open-source software company’s stock worth $1,416,000 after buying an additional 200 shares in the last quarter. Bank of Nova Scotia increased its stake in Red Hat by 6.7% in the second quarter. Bank of Nova Scotia now owns 3,644 shares of the open-source software company’s stock worth $265,000 after buying an additional 230 shares in the last quarter. Finally, Pacer Advisors Inc. increased its stake in Red Hat by 10.8% in the second quarter. Pacer Advisors Inc. now owns 3,392 shares of the open-source software company’s stock worth $246,000 after buying an additional 331 shares in the last quarter. 94.81% of the stock is currently owned by hedge funds and other institutional investors.

Red Hat Company Profile

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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