Red Hat Inc (NYSE:RHT) has received a consensus recommendation of “Buy” from the thirty-two research firms that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and nineteen have given a buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $156.86.

A number of research firms recently issued reports on RHT. JPMorgan Chase & Co. downgraded shares of Red Hat from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $160.00 to $150.00 in a research report on Tuesday. Royal Bank of Canada dropped their target price on shares of Red Hat to $169.00 and set an “outperform” rating on the stock in a research report on Monday. OTR Global downgraded shares of Red Hat to a “positive” rating in a research report on Thursday, September 13th. Barclays boosted their target price on shares of Red Hat from $160.00 to $166.00 and gave the company an “overweight” rating in a research report on Friday, September 7th. Finally, Zacks Investment Research downgraded shares of Red Hat from a “buy” rating to a “hold” rating in a research report on Wednesday, June 27th.

In other Red Hat news, CEO James M. Whitehurst sold 9,513 shares of the business’s stock in a transaction on Tuesday, July 17th. The shares were sold at an average price of $145.00, for a total transaction of $1,379,385.00. Following the completion of the sale, the chief executive officer now owns 374,286 shares in the company, valued at approximately $54,271,470. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Delisa Alexander sold 2,305 shares of the business’s stock in a transaction on Tuesday, July 17th. The shares were sold at an average price of $145.00, for a total transaction of $334,225.00. Following the sale, the executive vice president now owns 36,309 shares of the company’s stock, valued at approximately $5,264,805. The disclosure for this sale can be found here. Insiders have sold a total of 56,926 shares of company stock valued at $8,145,758 in the last 90 days. 0.58% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in RHT. Mutual of America Capital Management LLC grew its stake in shares of Red Hat by 1.5% in the 2nd quarter. Mutual of America Capital Management LLC now owns 27,735 shares of the open-source software company’s stock worth $3,727,000 after acquiring an additional 418 shares in the last quarter. Meeder Asset Management Inc. grew its stake in shares of Red Hat by 1.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 23,215 shares of the open-source software company’s stock worth $3,119,000 after acquiring an additional 431 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of Red Hat by 0.6% in the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 74,543 shares of the open-source software company’s stock worth $11,145,000 after acquiring an additional 478 shares in the last quarter. World Asset Management Inc grew its stake in shares of Red Hat by 4.1% in the 2nd quarter. World Asset Management Inc now owns 12,136 shares of the open-source software company’s stock worth $1,631,000 after acquiring an additional 479 shares in the last quarter. Finally, CNB Bank grew its stake in shares of Red Hat by 22.1% in the 1st quarter. CNB Bank now owns 2,659 shares of the open-source software company’s stock worth $397,000 after acquiring an additional 481 shares in the last quarter. Institutional investors and hedge funds own 95.21% of the company’s stock.

Shares of NYSE RHT opened at $142.71 on Wednesday. The company has a market capitalization of $26.40 billion, a PE ratio of 62.05, a PEG ratio of 3.48 and a beta of 1.07. Red Hat has a 52-week low of $104.51 and a 52-week high of $177.70. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.28 and a current ratio of 1.28.

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

Red Hat announced that its Board of Directors has approved a share buyback plan on Thursday, June 21st that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the open-source software company to reacquire up to 4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

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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Analyst Recommendations for Red Hat (NYSE:RHT)

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