Red Hat, Inc. (NYSE:RHT) had its price objective raised by Royal Bank Of Canada from $106.00 to $121.00 in a research report sent to investors on Wednesday. They currently have an outperform rating on the open-source software company’s stock.

A number of other equities analysts have also weighed in on the stock. BTIG Research cut their target price on shares of Red Hat from $120.00 to $95.00 and set a buy rating for the company in a research report on Wednesday, June 21st. Sanford C. Bernstein started coverage on shares of Red Hat in a research report on Wednesday, May 24th. They set a market perform rating and a $102.00 target price for the company. Rosenblatt Securities reiterated a buy rating and set a $112.00 target price (up previously from $95.00) on shares of Red Hat in a research report on Thursday, June 22nd. Credit Suisse Group started coverage on shares of Red Hat in a research report on Tuesday, September 5th. They set a neutral rating and a $111.00 target price for the company. Finally, Piper Jaffray Companies reiterated a hold rating and set a $100.00 target price on shares of Red Hat in a research report on Sunday, August 27th. Eleven equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. The company presently has an average rating of Buy and an average target price of $102.72.

Shares of Red Hat (RHT) traded down 0.616% during mid-day trading on Wednesday, hitting $106.331. 464,040 shares of the company traded hands. The stock has a market capitalization of $18.87 billion, a price-to-earnings ratio of 72.829 and a beta of 1.24. Red Hat has a one year low of $68.54 and a one year high of $108.39. The firm has a 50-day moving average of $103.44 and a 200-day moving average of $93.28.

Red Hat (NYSE:RHT) last issued its earnings results on Tuesday, June 20th. The open-source software company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.03. The firm had revenue of $677.00 million during the quarter, compared to analyst estimates 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 last year, the business earned $0.50 earnings per share. On average, equities analysts predict that Red Hat will post $2.69 earnings per share for the current year.

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In other news, CEO James M. Whitehurst sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $95.70, for a total value of $1,148,400.00. Following the transaction, the chief executive officer now owns 422,873 shares in the company, valued at $40,468,946.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Delisa Alexander sold 2,444 shares of the firm’s stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $98.25, for a total transaction of $240,123.00. Following the completion of the transaction, the executive vice president now owns 41,570 shares in the company, valued at approximately $4,084,252.50. The disclosure for this sale can be found here. Insiders sold 44,087 shares of company stock worth $4,265,012 in the last 90 days. Company insiders own 0.66% of the company’s stock.

Several institutional investors have recently modified their holdings of RHT. D.A. Davidson & CO. boosted its holdings in Red Hat by 6.8% in the second quarter. D.A. Davidson & CO. now owns 1,071 shares of the open-source software company’s stock valued at $102,000 after acquiring an additional 68 shares in the last quarter. Clear Perspective Advisors LLC bought a new stake in Red Hat in the second quarter valued at $112,000. Sun Life Financial INC boosted its holdings in Red Hat by 14,837.5% in the second quarter. Sun Life Financial INC now owns 1,195 shares of the open-source software company’s stock valued at $114,000 after acquiring an additional 1,187 shares in the last quarter. Shine Investment Advisory Services Inc. bought a new stake in Red Hat in the second quarter valued at $117,000. Finally, State of Alaska Department of Revenue bought a new stake in Red Hat in the second quarter valued at $122,000. Hedge funds and other institutional investors own 94.00% of the company’s stock.

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.

Analyst Recommendations for Red Hat (NYSE:RHT)

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