Red Hat Inc (RHT) Stake Lowered by Riverhead Capital Management LLC

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Riverhead Capital Management LLC lowered its holdings in Red Hat Inc (NYSE:RHT) by 51.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,564 shares of the open-source software company’s stock after selling 6,954 shares during the period. Riverhead Capital Management LLC’s holdings in Red Hat were worth $882,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Daiwa Securities Group Inc. increased its stake in shares of Red Hat by 30.4% in the first quarter. Daiwa Securities Group Inc. now owns 7,027 shares of the open-source software company’s stock worth $1,051,000 after purchasing an additional 1,639 shares in the last quarter. Atria Investments LLC increased its stake in shares of Red Hat by 10.7% in the first quarter. Atria Investments LLC now owns 5,173 shares of the open-source software company’s stock worth $773,000 after purchasing an additional 501 shares in the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of Red Hat by 64.5% in the first quarter. DekaBank Deutsche Girozentrale now owns 18,314 shares of the open-source software company’s stock worth $2,839,000 after purchasing an additional 7,183 shares in the last quarter. Commerce Bank increased its stake in shares of Red Hat by 5.3% in the first quarter. Commerce Bank now owns 13,026 shares of the open-source software company’s stock worth $1,948,000 after purchasing an additional 654 shares in the last quarter. Finally, Bank of Hawaii purchased a new position in shares of Red Hat in the first quarter worth about $508,000. 95.11% of the stock is owned by institutional investors and hedge funds.

In other Red Hat news, EVP Delisa Alexander sold 2,305 shares of Red Hat stock in a transaction that occurred 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 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 document filed with the SEC, which is available at the SEC website. Also, CEO James M. Whitehurst sold 9,513 shares of Red Hat stock in a transaction that occurred 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 sale, the chief executive officer now owns 374,286 shares of the company’s stock, valued at $54,271,470. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,926 shares of company stock valued at $8,145,758. 0.58% of the stock is currently owned by company insiders.

Several equities analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of Red Hat from a “buy” rating to a “hold” rating in a research note on Wednesday, June 27th. BMO Capital Markets reduced their target price on shares of Red Hat from $192.00 to $177.00 and set a “market perform” rating for the company in a research note on Wednesday, June 27th. Cowen reiterated a “buy” rating and issued a $165.00 target price on shares of Red Hat in a research note on Tuesday, June 26th. ValuEngine downgraded shares of Red Hat from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 22nd. Finally, Barclays reduced their target price on shares of Red Hat from $186.00 to $160.00 and set an “overweight” rating for the company in a research note on Friday, June 22nd. One equities research 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 an average rating of “Buy” and an average price target of $157.83.

RHT stock opened at $144.28 on Thursday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.28 and a quick ratio of 1.28. Red Hat Inc has a 12 month low of $104.51 and a 12 month high of $177.70. The company has a market capitalization of $26.20 billion, a PE ratio of 62.07, a PEG ratio of 3.60 and a beta of 1.07.

Red Hat (NYSE:RHT) last announced its earnings results on Thursday, June 21st. The open-source software company reported $0.72 earnings per share (EPS) for the quarter, beating the 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 business had revenue of $813.53 million during the quarter, compared to analyst estimates of $807.48 million. During the same period in the previous year, the business posted $0.56 earnings per share. Red Hat’s revenue for the quarter was up 20.2% on a year-over-year basis. equities research analysts predict that Red Hat Inc will post 2.56 EPS for the current year.

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

Red Hat 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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Institutional Ownership by Quarter for Red Hat (NYSE:RHT)

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