OTR Global lowered shares of Red Hat (NYSE:RHT) to a positive rating in a research note issued to investors on Thursday, The Fly reports.

Other equities analysts also recently issued reports about the company. Raymond James downgraded Red Hat from an outperform rating to a market perform rating and set a $84.00 target price on the stock. in a research report on Tuesday, June 19th. Barclays reduced their target price on Red Hat from $186.00 to $160.00 and set an overweight rating on the stock in a research report on Friday, June 22nd. Zacks Investment Research downgraded Red Hat from a strong-buy rating to a hold rating in a research report on Wednesday, May 30th. ValuEngine downgraded Red Hat from a strong-buy rating to a buy rating in a research report on Friday, June 22nd. Finally, UBS Group reiterated a buy rating and set a $170.00 target price on shares of Red Hat in a research report on Friday, June 22nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $158.03.

NYSE RHT opened at $148.86 on Thursday. Red Hat has a twelve month low of $104.51 and a twelve month high of $177.70. The stock has a market cap of $26.94 billion, a P/E ratio of 64.72, a price-to-earnings-growth ratio of 3.56 and a beta of 1.07. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.39.

Red Hat (NYSE:RHT) last released its earnings results on Thursday, June 21st. The open-source software company reported $0.72 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.03. Red Hat had a return on equity of 30.40% and a net margin of 9.77%. The firm had revenue of $813.53 million for the quarter, compared to the consensus estimate of $807.48 million. During the same period in the prior year, the business posted $0.56 earnings per share. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. equities analysts anticipate that Red Hat will post 2.56 EPS for the current year.

Red Hat announced that its Board of Directors has approved a stock buyback program on Thursday, June 21st that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the open-source software company to repurchase up to 4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

In other Red Hat news, EVP Delisa Alexander sold 2,305 shares of the company’s stock in a transaction dated Tuesday, July 17th. The stock was sold at an average price of $145.00, for a total transaction of $334,225.00. Following the completion of the sale, the executive vice president now directly owns 36,309 shares in the company, valued at $5,264,805. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James M. Whitehurst sold 44,472 shares of the company’s stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $142.56, for a total value of $6,339,928.32. Following the sale, the chief executive officer now owns 445,557 shares of the company’s stock, valued at $63,518,605.92. The disclosure for this sale can be found here. Insiders have sold 56,926 shares of company stock valued at $8,145,758 over the last 90 days. 0.58% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in the business. Mount Yale Investment Advisors LLC acquired a new stake in shares of Red Hat in the first quarter valued at about $103,000. Migdal Insurance & Financial Holdings Ltd. grew its stake in shares of Red Hat by 16,350.0% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 987 shares of the open-source software company’s stock valued at $133,000 after buying an additional 981 shares in the last quarter. Quad Cities Investment Group LLC acquired a new stake in shares of Red Hat in the second quarter valued at about $134,000. Financial Architects Inc grew its stake in shares of Red Hat by 95.2% in the second quarter. Financial Architects Inc now owns 1,025 shares of the open-source software company’s stock valued at $137,000 after buying an additional 500 shares in the last quarter. Finally, Pitcairn Co. acquired a new stake in shares of Red Hat in the first quarter valued at about $203,000. Institutional investors own 95.23% of the company’s stock.

About Red Hat

Red Hat, Inc provides open source software solutions to develop and offer operating system, virtualization, management, middleware, cloud, mobile, and storage technologies to various enterprises worldwide. It offers infrastructure-related solutions, such as Red Hat Enterprise Linux, an operating system platform that runs on hardware for use in hybrid cloud environments; Red Hat Satellite, a system management offering that helps to deploy, scale, and manage in hybrid cloud environments; and Red Hat Enterprise Virtualization, a software solution that allows customers to utilize and manage a common hardware infrastructure to run multiple operating systems and applications.

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