Red Hat (NYSE:RHT) was downgraded by analysts at Raymond James from an “outperform” rating to a “market perform” rating in a research note issued on Tuesday, The Fly reports.
RHT has been the subject of a number of other research reports. BMO Capital Markets raised their price target on shares of Red Hat from $180.00 to $192.00 and gave the stock a “market perform” rating in a research note on Tuesday. Barclays restated an “overweight” rating and set a $186.00 price target on shares of Red Hat in a research note on Thursday, June 14th. Monness Crespi & Hardt raised their price target on shares of Red Hat from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, May 14th. Robert W. Baird restated a “hold” rating and set a $170.00 price target on shares of Red Hat in a research note on Wednesday, May 9th. Finally, Royal Bank of Canada raised their price target on shares of Red Hat to $180.00 and gave the stock a “positive” rating in a research note on Wednesday, May 9th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $158.12.
Red Hat opened at $176.27 on Tuesday, according to MarketBeat. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.36 and a quick ratio of 1.36. Red Hat has a twelve month low of $88.75 and a twelve month high of $177.70. The stock has a market capitalization of $31.09 billion, a P/E ratio of 76.64, a P/E/G ratio of 4.34 and a beta of 1.07.
Red Hat (NYSE:RHT) last released its earnings results on Monday, March 26th. The open-source software company reported $0.91 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.10. Red Hat had a net margin of 8.86% and a return on equity of 29.36%. The business had revenue of $772.00 million during the quarter, compared to analysts’ expectations of $761.87 million. During the same quarter last year, the company earned $0.61 earnings per share. The firm’s revenue was up 22.8% on a year-over-year basis. sell-side analysts anticipate that Red Hat will post 2.52 earnings per share for the current year.
In related news, CEO James M. Whitehurst sold 39,751 shares of the firm’s stock in a transaction that occurred on Friday, April 20th. The shares were sold at an average price of $159.29, for a total value of $6,331,936.79. Following the completion of the sale, the chief executive officer now owns 349,813 shares of the company’s stock, valued at $55,721,712.77. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Arun Oberoi sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, April 9th. The shares were sold at an average price of $153.58, for a total transaction of $2,303,700.00. Following the completion of the sale, the executive vice president now directly owns 74,457 shares of the company’s stock, valued at approximately $11,435,106.06. The disclosure for this sale can be found here. In the last three months, insiders sold 107,376 shares of company stock valued at $17,167,724. 0.66% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. We Are One Seven LLC acquired a new stake in Red Hat during the 4th quarter worth $105,000. Pitcairn Co. acquired a new stake in Red Hat during the 1st quarter worth $203,000. Avestar Capital LLC acquired a new stake in Red Hat during the 4th quarter worth $168,000. D.A. Davidson & CO. acquired a new stake in Red Hat during the 1st quarter worth $253,000. Finally, ARP Americas LP acquired a new stake in Red Hat during the 4th quarter worth $204,000. 95.19% of the stock is owned by hedge funds and other institutional investors.
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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