Red Hat, Inc. (NYSE:RHT) had its price objective increased by Barclays PLC from $105.00 to $120.00 in a report issued on Monday morning, MarketBeat reports. The brokerage currently has an overweight rating on the open-source software company’s stock.

A number of other equities research analysts also recently commented on RHT. JMP Securities lifted their price objective on Red Hat from $107.00 to $122.00 and gave the company an outperform rating in a research report on Wednesday, September 13th. BMO Capital Markets lifted their price objective on Red Hat from $90.00 to $107.00 and gave the company a market perform rating in a research report on Wednesday, June 21st. Goldman Sachs Group, Inc. (The) lifted their price objective on Red Hat from $85.00 to $97.00 and gave the company a buy rating in a research report on Wednesday, June 21st. Piper Jaffray Companies initiated coverage on Red Hat in a report on Friday, June 23rd. They issued a neutral rating and a $100.00 target price on the stock. Finally, Bank of America Corporation reiterated a neutral rating and issued a $105.00 target price (up previously from $92.00) on shares of Red Hat in a report on Wednesday, June 21st. Ten analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $102.99.

Red Hat (NYSE RHT) opened at 106.84 on Monday. The stock has a 50 day moving average price of $103.43 and a 200 day moving average price of $93.28. The firm has a market cap of $18.96 billion, a price-to-earnings ratio of 73.18 and a beta of 1.24. Red Hat has a 52 week low of $68.54 and a 52 week high of $108.39.

Red Hat (NYSE:RHT) last announced its quarterly earnings data on Tuesday, June 20th. The open-source software company reported $0.56 EPS for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.03. The business had revenue of $677.00 million during the quarter, compared to the consensus estimate of $647.42 million. Red Hat had a return on equity of 22.84% and a net margin of 10.54%. The business’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.50 earnings per share. Equities research analysts expect that Red Hat will post $2.69 EPS for the current year.

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In other news, EVP Delisa Alexander sold 2,444 shares of the business’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 directly owns 41,570 shares in the company, valued at $4,084,252.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO James M. Whitehurst sold 12,000 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The stock was 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 of the company’s stock, valued at $40,468,946.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,087 shares of company stock valued at $4,265,012. Insiders own 0.66% of the company’s stock.

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