SeaBridge Investment Advisors LLC reduced its stake in shares of Red Hat, Inc. (NYSE:RHT) by 8.9% during the second quarter, Holdings Channel reports. The firm owned 6,520 shares of the open-source software company’s stock after selling 640 shares during the period. SeaBridge Investment Advisors LLC’s holdings in Red Hat were worth $624,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in RHT. Bronfman E.L. Rothschild L.P. boosted its position in shares of Red Hat by 1.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,521 shares of the open-source software company’s stock valued at $132,000 after buying an additional 21 shares during the period. Mason Street Advisors LLC boosted its position in shares of Red Hat by 0.3% in the first quarter. Mason Street Advisors LLC now owns 24,638 shares of the open-source software company’s stock valued at $2,131,000 after buying an additional 70 shares during the period. Nordea Investment Management AB boosted its position in shares of Red Hat by 1.0% in the first quarter. Nordea Investment Management AB now owns 6,919 shares of the open-source software company’s stock valued at $598,000 after buying an additional 70 shares during the period. F&V Capital Management LLC boosted its position in shares of Red Hat by 2.7% in the first quarter. F&V Capital Management LLC now owns 3,445 shares of the open-source software company’s stock valued at $298,000 after buying an additional 90 shares during the period. Finally, Advantus Capital Management Inc boosted its position in shares of Red Hat by 0.5% in the first quarter. Advantus Capital Management Inc now owns 17,955 shares of the open-source software company’s stock valued at $1,553,000 after buying an additional 93 shares during the period. Institutional investors own 94.38% of the company’s stock.

Red Hat, Inc. (RHT) opened at 100.67 on Thursday. The stock has a market cap of $17.86 billion, a P/E ratio of 68.95 and a beta of 1.26. Red Hat, Inc. has a one year low of $68.54 and a one year high of $100.80. The company’s 50-day moving average price is $95.45 and its 200-day moving average price is $86.41.

Red Hat (NYSE:RHT) last released its earnings results on Tuesday, June 20th. The open-source software company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.03. The business had revenue of $677 million during the quarter, compared to analysts’ expectations of $647.42 million. Red Hat had a net margin of 10.54% and a return on equity of 22.84%. The company’s quarterly revenue was up 19.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.50 earnings per share. Analysts forecast that Red Hat, Inc. will post $2.66 EPS for the current fiscal year.

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Several equities analysts have recently weighed in on the company. Robert W. Baird lifted their price target on Red Hat from $90.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, June 21st. CIBC reiterated a “buy” rating and issued a $94.00 price target on shares of Red Hat in a research report on Wednesday, March 29th. Mizuho reduced their price target on Red Hat from $109.00 to $96.00 and set a “buy” rating for the company in a research report on Wednesday, June 21st. Morgan Stanley reiterated an “equal weight” rating and issued a $98.00 price target (up from $90.00) on shares of Red Hat in a research report on Wednesday, June 21st. Finally, BTIG Research reduced their price target on Red Hat from $120.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday, June 21st. Nine analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $98.72.

In other news, CEO James M. Whitehurst sold 9,122 shares of the business’s stock in a transaction dated Tuesday, July 18th. The shares were sold at an average price of $98.02, for a total transaction of $894,138.44. Following the completion of the sale, the chief executive officer now owns 414,101 shares of the company’s stock, valued at $40,590,180.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Delisa Alexander sold 2,444 shares of the business’s stock in a transaction dated Tuesday, July 18th. The stock was sold at an average price of $98.25, for a total transaction of $240,123.00. Following the sale, the executive vice president now directly owns 41,570 shares of the company’s stock, valued at approximately $4,084,252.50. The disclosure for this sale can be found here. Insiders have sold 233,059 shares of company stock valued at $21,113,050 in the last three months. Corporate insiders own 0.66% of the company’s stock.

About Red Hat

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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Institutional Ownership by Quarter for Red Hat (NYSE:RHT)

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