Red Hat Inc. (RHT) Receives “Hold” Rating from Bank of America Corp.
Bank of America Corp. reiterated their hold rating on shares of Red Hat Inc. (NYSE:RHT) in a report released on Thursday morning. Bank of America Corp. currently has a $90.00 target price on the open-source software company’s stock.
Several other research firms have also weighed in on RHT. Barclays PLC reiterated an overweight rating and set a $90.00 target price on shares of Red Hat in a research note on Wednesday, June 15th. Vetr lowered shares of Red Hat from a strong-buy rating to a buy rating and set a $84.60 target price for the company. in a research note on Monday, August 8th. Deutsche Bank AG restated a buy rating on shares of Red Hat in a research report on Friday, June 17th. William Blair restated an outperform rating on shares of Red Hat in a research report on Tuesday, July 5th. Finally, Credit Suisse Group AG restated an outperform rating and set a $95.00 price target on shares of Red Hat in a research report on Saturday, June 25th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-three have assigned a buy rating to the stock. The company currently has an average rating of Buy and an average price target of $88.50.
Shares of Red Hat (NYSE:RHT) opened at 80.02 on Thursday. The firm has a market cap of $14.49 billion, a PE ratio of 70.19 and a beta of 1.32. Red Hat has a 52 week low of $59.59 and a 52 week high of $84.44. The company has a 50 day moving average of $74.23 and a 200 day moving average of $74.16.
Red Hat (NYSE:RHT) last released its earnings results on Wednesday, September 21st. The open-source software company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.01. Red Hat had a net margin of 9.84% and a return on equity of 18.85%. The firm earned $599.80 million during the quarter. During the same quarter in the previous year, the firm earned $0.47 EPS. The firm’s revenue for the quarter was up 19.0% on a year-over-year basis. On average, equities research analysts anticipate that Red Hat will post $2.21 EPS for the current fiscal year.
In other news, EVP Delisa Alexander sold 2,395 shares of the stock in a transaction that occurred 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Cunningham sold 10,000 shares of the stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $73.14, for a total value of $731,400.00. Following the completion of the sale, the executive vice president now directly owns 64,800 shares of the company’s stock, valued at $4,739,472. The disclosure for this sale can be found here. Company insiders own 0.76% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. Wunderlich Capital Managemnt acquired a new stake in Red Hat during the second quarter valued at $137,000. Mizuho Asset Management Co. Ltd. boosted its stake in Red Hat by 125.8% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,393 shares of the open-source software company’s stock valued at $174,000 after buying an additional 1,333 shares in the last quarter. Hills Bank & Trust Co. acquired a new stake in Red Hat during the second quarter valued at $222,000. Pacer Advisors Inc. boosted 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 valued at $246,000 after buying an additional 331 shares in the last quarter. Finally, Wall Street Associates acquired a new stake in Red Hat during the second quarter valued at $247,000. 94.81% of the stock is owned by 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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