IndexIQ Advisors LLC bought a new position in shares of Red Hat Inc (NYSE:RHT) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 441,376 shares of the open-source software company’s stock, valued at approximately $77,523,000. Red Hat makes up 2.2% of IndexIQ Advisors LLC’s investment portfolio, making the stock its 5th largest position. IndexIQ Advisors LLC owned approximately 0.25% of Red Hat at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in RHT. Alpha Omega Wealth Management LLC bought a new stake in shares of Red Hat during the fourth quarter worth $25,000. Legacy Financial Advisors Inc. acquired a new position in Red Hat in the fourth quarter worth approximately $33,000. Reilly Financial Advisors LLC grew its position in Red Hat by 40.8% in the fourth quarter. Reilly Financial Advisors LLC now owns 276 shares of the open-source software company’s stock worth $48,000 after buying an additional 80 shares during the last quarter. Essex Savings Bank acquired a new position in Red Hat in the fourth quarter worth approximately $63,000. Finally, TCI Wealth Advisors Inc. grew its position in Red Hat by 46.5% in the fourth quarter. TCI Wealth Advisors Inc. now owns 378 shares of the open-source software company’s stock worth $66,000 after buying an additional 120 shares during the last quarter. Institutional investors own 96.14% of the company’s stock.
Several research analysts have recently issued reports on the stock. Northland Securities downgraded shares of Red Hat from an “outperform” rating to a “market perform” rating in a report on Monday, October 29th. Royal Bank of Canada boosted their price target on shares of Red Hat to $190.00 in a research report on Monday, October 29th. Needham & Company LLC initiated coverage on shares of Red Hat in a research report on Monday, October 22nd. They issued a “buy” rating and a $183.00 price target on the stock. Credit Suisse Group set a $190.00 price target on shares of Red Hat and gave the company a “hold” rating in a research report on Monday, October 29th. Finally, Robert W. Baird restated a “hold” rating on shares of Red Hat in a research report on Monday, October 29th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $166.30.
Shares of RHT stock traded up $0.04 during trading hours on Thursday, hitting $178.85. 3,347 shares of the company were exchanged, compared to its average volume of 1,797,442. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.23. Red Hat Inc has a 52 week low of $115.31 and a 52 week high of $179.49. The company has a market capitalization of $31.64 billion, a price-to-earnings ratio of 77.80, a P/E/G ratio of 4.59 and a beta of 0.55.
Red Hat (NYSE:RHT) last announced its earnings results on Monday, December 17th. The open-source software company reported $0.96 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.87 by $0.09. Red Hat had a net margin of 8.66% and a return on equity of 33.96%. The business had revenue of $847.00 million during the quarter, compared to analysts’ expectations of $852.79 million. During the same quarter in the prior year, the company posted $0.73 earnings per share. The firm’s revenue was up 13.2% on a year-over-year basis. On average, equities analysts expect that Red Hat Inc will post 2.59 EPS for the current year.
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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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