Red Hat, Inc. (RHT) Price Target Raised to $121.00 at Royal Bank Of Canada
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.
TRADEMARK VIOLATION WARNING: “Red Hat, Inc. (RHT) Price Target Raised to $121.00 at Royal Bank Of Canada” was first published by Daily Political and is owned by of Daily Political. If you are reading this story on another website, it was illegally stolen and reposted in violation of US and international copyright legislation. The correct version of this story can be accessed at https://www.dailypolitical.com/2017/09/21/red-hat-inc-rht-price-target-raised-to-121-00-at-royal-bank-of-canada.html.
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.
Receive News & Ratings for Red Hat Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Red Hat Inc. and related companies with MarketBeat.com's FREE daily email newsletter.