KeyCorp Reiterates “Overweight” Rating for Red Hat (RHT)
KeyCorp reaffirmed their overweight rating on shares of Red Hat (NYSE:RHT) in a research note published on Monday. They currently have a $135.00 price target on the open-source software company’s stock, up from their previous price target of $125.00. KeyCorp also issued estimates for Red Hat’s Q2 2019 earnings at $0.67 EPS, Q3 2019 earnings at $0.66 EPS, Q4 2019 earnings at $0.71 EPS and FY2019 earnings at $2.51 EPS.
Several other research analysts have also recently commented on the company. Bank of America reissued an underperform rating and set a $115.00 target price on shares of Red Hat in a research note on Tuesday, October 24th. Deutsche Bank reissued a buy rating and set a $130.00 target price on shares of Red Hat in a research note on Monday, October 2nd. BTIG Research reaffirmed a buy rating and set a $120.00 price objective on shares of Red Hat in a research report on Wednesday, September 27th. Wells Fargo & Company reaffirmed an outperform rating and set a $124.00 price objective (up from $120.00) on shares of Red Hat in a research report on Wednesday, September 27th. Finally, Oppenheimer upped their price objective on Red Hat from $105.00 to $125.00 and gave the stock an outperform rating in a research report on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-four have given a buy rating to the stock. Red Hat currently has a consensus rating of Buy and a consensus price target of $111.86.
Red Hat (RHT) traded up $1.86 during midday trading on Monday, reaching $123.80. The company’s stock had a trading volume of 1,153,900 shares, compared to its average volume of 1,658,151. The firm has a market capitalization of $21,740.44, a price-to-earnings ratio of 67.00, a P/E/G ratio of 3.87 and a beta of 1.19. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.30 and a quick ratio of 1.30. Red Hat has a one year low of $68.54 and a one year high of $129.61.
Red Hat (NYSE:RHT) last posted its earnings results on Monday, September 25th. The open-source software company reported $0.77 EPS for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.10. Red Hat had a return on equity of 25.27% and a net margin of 11.49%. The company had revenue of $723.60 million for the quarter, compared to the consensus estimate of $699.56 million. During the same quarter in the previous year, the business earned $0.55 earnings per share. The company’s revenue for the quarter was up 20.6% on a year-over-year basis. equities research analysts predict that Red Hat will post 2 earnings per share for the current fiscal year.
In other news, CEO James M. Whitehurst sold 12,000 shares of Red Hat stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $111.15, for a total transaction of $1,333,800.00. Following the sale, the chief executive officer now directly owns 392,979 shares of the company’s stock, valued at $43,679,615.85. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael A. Kelly sold 2,888 shares of Red Hat stock in a transaction dated Wednesday, October 18th. The stock was sold at an average price of $121.03, for a total value of $349,534.64. Following the sale, the insider now directly owns 8,751 shares in the company, valued at $1,059,133.53. The disclosure for this sale can be found here. Insiders sold 34,172 shares of company stock worth $3,926,377 over the last three months. 0.66% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of RHT. Vanguard Group Inc. boosted its stake in Red Hat by 2.8% in the second quarter. Vanguard Group Inc. now owns 17,627,522 shares of the open-source software company’s stock valued at $1,687,836,000 after acquiring an additional 479,615 shares during the period. FMR LLC boosted its stake in Red Hat by 10.8% in the second quarter. FMR LLC now owns 11,165,642 shares of the open-source software company’s stock valued at $1,069,110,000 after acquiring an additional 1,085,953 shares during the period. Northern Trust Corp boosted its stake in Red Hat by 28.8% in the second quarter. Northern Trust Corp now owns 3,794,946 shares of the open-source software company’s stock valued at $363,365,000 after acquiring an additional 848,777 shares during the period. TIAA CREF Investment Management LLC boosted its stake in Red Hat by 34.4% in the second quarter. TIAA CREF Investment Management LLC now owns 1,302,954 shares of the open-source software company’s stock valued at $124,758,000 after acquiring an additional 333,408 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Red Hat by 282.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,177,208 shares of the open-source software company’s stock valued at $112,718,000 after acquiring an additional 869,550 shares during the period. Institutional investors and hedge funds own 93.85% of the company’s stock.
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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.
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