Red Hat (NYSE:RHT)‘s stock had its “outperform” rating reiterated by Wells Fargo & Co in a research note issued on Friday. They currently have a $170.00 target price on the open-source software company’s stock. Wells Fargo & Co’s price target would indicate a potential upside of 19.60% from the stock’s previous close.
RHT has been the topic of several other reports. Zacks Investment Research raised Red Hat from a “hold” rating to a “buy” rating and set a $173.00 target price on the stock in a report on Thursday, March 29th. Royal Bank of Canada lifted their target price on Red Hat to $160.00 and gave the stock an “outperform” rating in a report on Wednesday, March 21st. Deutsche Bank lifted their target price on Red Hat from $150.00 to $170.00 and gave the stock a “buy” rating in a report on Tuesday, March 27th. Morgan Stanley lifted their target price on Red Hat from $130.00 to $150.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 27th. Finally, Barclays lifted their target price on Red Hat from $145.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, March 19th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty have assigned a buy rating to the company’s stock. Red Hat presently has a consensus rating of “Buy” and a consensus target price of $159.53.
NYSE:RHT opened at $142.14 on Friday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.51. The stock has a market cap of $29.45 billion, a price-to-earnings ratio of 61.80, a price-to-earnings-growth ratio of 4.11 and a beta of 1.07. Red Hat has a 52 week low of $94.47 and a 52 week high of $177.70.
Red Hat (NYSE:RHT) last issued its earnings results on Thursday, June 21st. The open-source software company reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.03. Red Hat had a return on equity of 30.39% and a net margin of 9.77%. The firm had revenue of $813.53 million for the quarter, compared to analysts’ expectations of $807.48 million. During the same period in the previous year, the firm posted $0.56 earnings per share. The business’s revenue was up 20.2% compared to the same quarter last year. analysts predict that Red Hat will post 2.52 earnings per share for the current fiscal year.
In other Red Hat news, Director Charlene T. Begley sold 4,500 shares of the business’s stock in a transaction that occurred on Tuesday, April 10th. The stock was sold at an average price of $156.15, for a total transaction of $702,675.00. Following the completion of the transaction, the director now owns 8,144 shares in the company, valued at $1,271,685.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Arun Oberoi sold 15,000 shares of the business’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 value of $2,303,700.00. Following the transaction, the executive vice president now 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. Insiders have sold 107,376 shares of company stock valued at $17,167,724 in the last 90 days. Company insiders own 0.66% of the company’s stock.
Several large investors have recently made changes to their positions in RHT. We Are One Seven LLC purchased a new position in shares of Red Hat during the fourth quarter valued at approximately $105,000. Summit Trail Advisors LLC boosted its position in shares of Red Hat by 17,117.4% during the first quarter. Summit Trail Advisors LLC now owns 137,395 shares of the open-source software company’s stock valued at $137,000 after buying an additional 136,597 shares during the period. Avestar Capital LLC purchased a new position in shares of Red Hat during the fourth quarter valued at approximately $168,000. Pitcairn Co. purchased a new position in shares of Red Hat during the first quarter valued at approximately $203,000. Finally, ARP Americas LP purchased a new position in shares of Red Hat during the fourth quarter valued at approximately $204,000. Institutional investors and hedge funds own 95.19% of the company’s stock.
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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