Wealth Enhancement Advisory Services LLC acquired a new stake in Red Hat Inc (NYSE:RHT) in the 3rd quarter, Holdings Channel reports. The institutional investor acquired 13,851 shares of the open-source software company’s stock, valued at approximately $1,619,000.
Several other hedge funds have also recently added to or reduced their stakes in RHT. Janus Henderson Group PLC raised its holdings in shares of Red Hat by 64.9% in the second quarter. Janus Henderson Group PLC now owns 2,162,044 shares of the open-source software company’s stock valued at $290,527,000 after acquiring an additional 850,715 shares in the last quarter. Cornerstone Wealth Management LLC raised its holdings in shares of Red Hat by 13,666.2% in the second quarter. Cornerstone Wealth Management LLC now owns 713,364 shares of the open-source software company’s stock valued at $5,233,000 after acquiring an additional 708,182 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its holdings in shares of Red Hat by 3,281.3% in the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 421,884 shares of the open-source software company’s stock valued at $57,494,000 after acquiring an additional 409,407 shares in the last quarter. Glenmede Trust Co. NA raised its holdings in shares of Red Hat by 22,198.9% in the second quarter. Glenmede Trust Co. NA now owns 339,166 shares of the open-source software company’s stock valued at $45,574,000 after acquiring an additional 337,645 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its holdings in shares of Red Hat by 140.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 548,095 shares of the open-source software company’s stock valued at $74,695,000 after acquiring an additional 319,760 shares in the last quarter. Hedge funds and other institutional investors own 95.77% of the company’s stock.
In other news, CEO James M. Whitehurst sold 44,472 shares of the business’s stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $142.56, for a total transaction of $6,339,928.32. Following the sale, the chief executive officer now owns 445,557 shares in the company, valued at $63,518,605.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Delisa Alexander sold 960 shares of the business’s stock in a transaction dated Wednesday, October 17th. The stock was sold at an average price of $125.03, for a total value of $120,028.80. Following the sale, the executive vice president now owns 33,217 shares in the company, valued at approximately $4,153,121.51. The disclosure for this sale can be found here. Insiders have sold 48,103 shares of company stock worth $6,793,912 in the last 90 days. Insiders own 0.58% of the company’s stock.
RHT has been the subject of several recent research reports. OTR Global downgraded Red Hat to a “positive” rating in a report on Thursday, September 13th. JPMorgan Chase & Co. downgraded Red Hat from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $160.00 to $150.00 in a report on Tuesday, September 18th. Jefferies Financial Group decreased their price objective on Red Hat from $154.00 to $140.00 and set a “hold” rating for the company in a report on Friday, September 21st. Nomura downgraded Red Hat from a “buy” rating to a “hold” rating and lifted their price objective for the company from $175.00 to $190.00 in a report on Tuesday, October 30th. Finally, KeyCorp reduced their target price on shares of Red Hat from $184.00 to $180.00 and set an “overweight” rating for the company in a report on Thursday, September 20th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Red Hat has an average rating of “Hold” and a consensus price target of $163.48.
Shares of RHT stock opened at $171.68 on Monday. Red Hat Inc has a fifty-two week low of $115.31 and a fifty-two week high of $177.70. The stock has a market cap of $30.31 billion, a PE ratio of 74.64, a price-to-earnings-growth ratio of 4.47 and a beta of 0.71. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.23 and a current ratio of 1.23.
Red Hat (NYSE:RHT) last issued its quarterly earnings results on Wednesday, September 19th. The open-source software company reported $0.85 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.03. Red Hat had a return on equity of 31.80% and a net margin of 9.15%. The business had revenue of $822.75 million for the quarter, compared to analyst estimates of $828.12 million. During the same quarter in the previous year, the firm earned $0.77 earnings per share. The company’s revenue was up 13.7% on a year-over-year basis. Sell-side analysts predict that Red Hat Inc will post 2.57 EPS for the current year.
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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