Red Hat Inc. (RHT) Sees Large Volume Increase
Shares of Red Hat Inc. (NYSE:RHT) saw unusually-high trading volume on Friday . Approximately 1,066,820 shares traded hands during mid-day trading, a decline of 6% from the previous session’s volume of 1,138,305 shares.The stock last traded at $74.21 and had previously closed at $74.88.
RHT has been the subject of several research reports. Oppenheimer Holdings Inc. reaffirmed a “buy” rating and issued a $88.00 target price on shares of Red Hat in a research report on Monday, June 6th. Vetr lowered Red Hat from a “strong-buy” rating to a “buy” rating and set a $84.24 price objective for the company. in a research note on Wednesday, June 1st. Drexel Hamilton reiterated a “buy” rating and set a $105.00 price objective on shares of Red Hat in a research note on Monday, June 20th. Deutsche Bank AG reiterated a “buy” rating on shares of Red Hat in a research note on Friday, June 17th. Finally, Royal Bank Of Canada reiterated a “buy” rating on shares of Red Hat in a research note on Thursday, June 16th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-four have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $87.72.
The firm has a 50-day moving average of $73.98 and a 200-day moving average of $73.09. The company has a market cap of $13.47 billion and a PE ratio of 65.24.
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, meeting the consensus estimate of $0.50. The company earned $567.90 million during the quarter, compared to analyst estimates of $562.76 million. During the same period in the previous year, the company posted $0.44 EPS. The company’s quarterly revenue was up 18.1% on a year-over-year basis. On average, equities research analysts forecast that Red Hat Inc. will post $2.21 earnings per share for the current fiscal year.
In related news, EVP Delisa Alexander sold 2,395 shares of the firm’s 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 completion of the sale, the executive vice president now owns 60,780 shares of the company’s stock, valued at $4,426,607.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Cunningham sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $75.00, for a total value of $750,000.00. Following the sale, the executive vice president now directly owns 52,484 shares of the company’s stock, valued at approximately $3,936,300. The disclosure for this sale can be found here.
A number of large investors have added to or reduced their stakes in the company. BlackRock Advisors LLC boosted its stake in Red Hat by 43.2% in the fourth quarter. BlackRock Advisors LLC now owns 168,072 shares of the open-source software company’s stock valued at $13,918,000 after buying an additional 50,714 shares in the last quarter. KBC Group NV boosted its stake in Red Hat by 46.9% in the fourth quarter. KBC Group NV now owns 60,628 shares of the open-source software company’s stock valued at $5,020,000 after buying an additional 19,357 shares in the last quarter. State of Tennessee Treasury Department boosted its stake in Red Hat by 156.3% in the fourth quarter. State of Tennessee Treasury Department now owns 72,034 shares of the open-source software company’s stock valued at $5,965,000 after buying an additional 43,934 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its stake in Red Hat by 26.9% in the fourth quarter. Advisors Asset Management Inc. now owns 20,765 shares of the open-source software company’s stock valued at $1,720,000 after buying an additional 4,404 shares in the last quarter.
Red Hat, Inc is a provider of open source software solutions, using a community-powered approach to develop and offer operating system, virtualization, middleware, storage and cloud technologies. The Company employs an open source development model. The open source development model allows it to use the collective input, resources and knowledge of a global community of contributors who can collaborate to develop, maintain and enhance software because the human-readable source code for that software is publicly available and licenses permit modification.
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