Red Hat, Inc. (RHT) Issues FY18 Earnings Guidance
Red Hat, Inc. (NYSE:RHT) updated its FY18 earnings guidance on Monday. The company provided EPS guidance of $2.77-2.89 for the period, compared to the Thomson Reuters consensus EPS estimate of $2.69. The company issued revenue guidance of $2.88-2.895 billion, compared to the consensus revenue estimate of $2.81 billion.Red Hat also updated its Q3 guidance to $0.70 EPS.
A number of research firms have recently issued reports on RHT. Drexel Hamilton restated a buy rating and issued a $127.00 price target on shares of Red Hat in a research report on Monday. Stifel Nicolaus restated a buy rating and issued a $115.00 price target on shares of Red Hat in a research report on Wednesday, September 20th. Cowen and Company restated a buy rating and issued a $112.00 price target on shares of Red Hat in a research report on Sunday. Wells Fargo & Company restated an outperform rating and issued a $120.00 price target (up from $115.00) on shares of Red Hat in a research report on Tuesday, September 19th. Finally, Zacks Investment Research upgraded shares of Red Hat from a hold rating to a buy rating and set a $120.00 price target on the stock in a research report on Thursday. Ten analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $103.99.
Red Hat (NYSE:RHT) last announced its quarterly earnings results on Tuesday, September 19th. The open-source software company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.10. The business had revenue of $723.60 million for the quarter, compared to the consensus estimate of $699.56 million. Red Hat had a net margin of 10.54% and a return on equity of 22.84%. Red Hat’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same period last year, the company posted $0.55 EPS.
In related news, CFO Eric Ryan Shander sold 1,521 shares of the stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $99.98, for a total transaction of $152,069.58. Following the completion of the sale, the chief financial officer now directly owns 9,913 shares of the company’s stock, valued at approximately $991,101.74. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Delisa Alexander sold 2,444 shares of the stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $98.25, for a total value of $240,123.00. Following the sale, the executive vice president now directly owns 41,570 shares of the company’s stock, valued at $4,084,252.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,087 shares of company stock valued at $4,265,012. 0.66% of the stock is owned by company insiders.
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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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