Red Hat Inc (RHT) Expected to Announce Quarterly Sales of $761.96 Million
Brokerages expect Red Hat Inc (NYSE:RHT) to report sales of $761.96 million for the current quarter, Zacks Investment Research reports. Eleven analysts have issued estimates for Red Hat’s earnings, with estimates ranging from $759.70 million to $770.46 million. Red Hat posted sales of $628.84 million in the same quarter last year, which suggests a positive year-over-year growth rate of 21.2%. The firm is scheduled to issue its next quarterly earnings report on Monday, March 26th.
On average, analysts expect that Red Hat will report full-year sales of $761.96 million for the current year, with estimates ranging from $2.89 billion to $2.92 billion. For the next financial year, analysts forecast that the company will report sales of $3.36 billion per share, with estimates ranging from $3.27 billion to $3.45 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Red Hat.
Red Hat (NYSE:RHT) last released its quarterly earnings results on Tuesday, December 19th. The open-source software company reported $0.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.03. Red Hat had a return on equity of 26.23% and a net margin of 12.14%. The business had revenue of $747.98 million during the quarter, compared to analysts’ expectations of $734.69 million. During the same quarter in the prior year, the business earned $0.61 earnings per share. The company’s quarterly revenue was up 21.6% compared to the same quarter last year.
Several equities research analysts have recently commented on the company. Robert W. Baird restated a “hold” rating on shares of Red Hat in a research note on Wednesday, December 20th. BMO Capital Markets upped their price objective on Red Hat from $128.00 to $142.00 and gave the stock a “market perform” rating in a report on Wednesday, December 20th. BTIG Research upped their price objective on Red Hat from $120.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, December 20th. Wells Fargo & Co set a $144.00 price objective on Red Hat and gave the stock a “buy” rating in a report on Wednesday, December 20th. Finally, Credit Suisse Group reaffirmed a “neutral” rating and set a $120.00 price objective (up previously from $113.00) on shares of Red Hat in a report on Wednesday, December 20th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $124.25.
Red Hat (RHT) traded up $2.02 during trading on Thursday, hitting $123.06. The stock had a trading volume of 1,828,500 shares, compared to its average volume of 2,094,750. Red Hat has a twelve month low of $71.11 and a twelve month high of $130.93. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.37 and a quick ratio of 1.30. The stock has a market capitalization of $21,940.00, a PE ratio of 66.88, a PEG ratio of 3.70 and a beta of 1.19.
In other Red Hat news, insider Michael A. Kelly sold 2,888 shares of the company’s stock in a transaction on 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 owns 8,751 shares of the company’s stock, valued at $1,059,133.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James M. Whitehurst sold 4,211 shares of the company’s stock in a transaction on Tuesday, October 17th. The shares were sold at an average price of $120.36, for a total value of $506,835.96. Following the completion of the sale, the chief executive officer now directly owns 380,158 shares in the company, valued at approximately $45,755,816.88. The disclosure for this sale can be found here. Insiders sold 8,172 shares of company stock worth $985,517 in the last three months. 0.66% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Red Hat by 2.8% during 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 last quarter. FMR LLC boosted its stake in shares of Red Hat by 10.8% during 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 last quarter. Northern Trust Corp boosted its stake in shares of Red Hat by 28.8% during 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 last quarter. TIAA CREF Investment Management LLC boosted its stake in shares of Red Hat by 34.4% during 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 last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Red Hat by 282.6% during 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 last quarter. 93.57% of the stock is currently owned by institutional investors and hedge funds.
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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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