Red Hat Inc. (RHT) Sees Unusually-High Trading Volume
Red Hat Inc. (NYSE:RHT) saw an uptick in trading volume on Friday . 1,066,820 shares changed 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.
Several research firms have issued reports on RHT. BMO Capital Markets reaffirmed an “outperform” rating and issued a $85.00 price target (down from $88.00) on shares of Red Hat in a report on Thursday, June 23rd. Stifel Nicolaus reaffirmed a “buy” rating on shares of Red Hat in a report on Thursday, June 23rd. Deutsche Bank AG reaffirmed a “buy” rating and issued a $95.00 price target on shares of Red Hat in a report on Thursday, June 23rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $98.00 price target on shares of Red Hat in a report on Saturday, July 2nd. Finally, Vetr lowered shares of Red Hat from a “strong-buy” rating to a “buy” rating and set a $82.50 price target on the stock. in a report on Monday, August 22nd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-four have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $87.72.
The firm’s 50 day moving average price is $73.98 and its 200 day moving average price is $73.09. The stock has a market cap of $13.47 billion and a price-to-earnings 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 EPS for the quarter, hitting analysts’ consensus estimates of $0.50. The firm had revenue of $567.90 million for the quarter, compared to analysts’ expectations of $562.76 million. During the same quarter last year, the firm earned $0.44 earnings per share. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. Equities research analysts anticipate that Red Hat Inc. will post $2.21 earnings per share for the current fiscal year.
In other news, EVP Michael Cunningham sold 10,000 shares of Red Hat stock in a transaction dated Tuesday, July 26th. The shares were 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Delisa Alexander sold 2,395 shares of Red Hat stock in a transaction dated Tuesday, July 19th. The stock was sold at an average price of $72.83, for a total transaction of $174,427.85. Following the sale, the executive vice president now owns 60,780 shares of the company’s stock, valued at $4,426,607.40. The disclosure for this sale can be found here.
Other large investors have recently modified their holdings of the company. KBC Group NV increased 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 worth $5,020,000 after buying an additional 19,357 shares during the last quarter. State of Tennessee Treasury Department increased 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, BlackRock Advisors LLC increased 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.
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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