Castleark Management LLC Decreases Stake in Red Hat Inc (RHT)
Castleark Management LLC lowered its position in shares of Red Hat Inc (NYSE:RHT) by 47.9% in the second quarter, HoldingsChannel.com reports. The firm owned 121,715 shares of the open-source software company’s stock after selling 111,892 shares during the period. Castleark Management LLC’s holdings in Red Hat were worth $16,355,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of RHT. Moneta Group Investment Advisors LLC lifted its position in Red Hat by 1,037.6% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 33,445 shares of the open-source software company’s stock worth $4,494,000 after acquiring an additional 30,505 shares in the last quarter. Millennium Management LLC lifted its position in Red Hat by 86.8% during the 2nd quarter. Millennium Management LLC now owns 231,668 shares of the open-source software company’s stock worth $31,129,000 after acquiring an additional 107,678 shares in the last quarter. grace capital lifted its position in Red Hat by 30.4% during the 2nd quarter. grace capital now owns 11,909 shares of the open-source software company’s stock worth $1,600,000 after acquiring an additional 2,774 shares in the last quarter. Tower Research Capital LLC TRC acquired a new position in Red Hat during the 2nd quarter worth approximately $1,150,000. Finally, Ardsley Advisory Partners acquired a new position in Red Hat during the 2nd quarter worth approximately $538,000. Institutional investors and hedge funds own 95.23% of the company’s stock.
In other news, CEO James M. Whitehurst sold 44,472 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 445,557 shares in the company, valued at approximately $63,518,605.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Delisa Alexander sold 2,305 shares of the business’s stock in a transaction that occurred on Tuesday, July 17th. The shares were sold at an average price of $145.00, for a total value of $334,225.00. Following the completion of the sale, the executive vice president now owns 36,309 shares of the company’s stock, valued at $5,264,805. The disclosure for this sale can be found here. Insiders sold a total of 56,926 shares of company stock valued at $8,145,758 over the last quarter. Company insiders own 0.58% of the company’s stock.
Red Hat (NYSE:RHT) last issued its quarterly earnings results on Thursday, June 21st. The open-source software company reported $0.72 earnings per share for the quarter, beating the Zacks’ 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 business had revenue of $813.53 million during the quarter, compared to the consensus estimate of $807.48 million. During the same period in the previous year, the business earned $0.56 EPS. The business’s quarterly revenue was up 20.2% on a year-over-year basis. equities analysts forecast that Red Hat Inc will post 2.56 EPS for the current year.
Red Hat announced that its Board of Directors has authorized a share buyback plan on Thursday, June 21st that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the open-source software company to purchase up to 4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
RHT has been the topic of several recent research reports. Zacks Investment Research lowered Red Hat from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 30th. OTR Global lowered Red Hat to a “positive” rating in a research report on Thursday, September 13th. Raymond James lowered 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. BTIG Research lowered Red Hat from a “buy” rating to a “neutral” rating and set a $85.00 target price on the stock. in a research report on Friday, June 22nd. Finally, Barclays cut 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. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty have given a buy rating to the stock. Red Hat currently has a consensus rating of “Buy” and an average price target of $157.77.
Red Hat Company Profile
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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