Oppenheimer Holdings, Inc. reissued their outperform rating on shares of Red Hat, Inc. (NYSE:RHT) in a research note published on Thursday, June 22nd. Oppenheimer Holdings, Inc. currently has a $105.00 target price on the open-source software company’s stock, up from their previous target price of $96.00.
Other analysts have also recently issued reports about the stock. Robert W. Baird upped their price target on shares of Red Hat from $90.00 to $100.00 and gave the company a neutral rating in a report on Wednesday, June 21st. CIBC reaffirmed a buy rating and issued a $94.00 price target on shares of Red Hat in a report on Wednesday, March 29th. Morgan Stanley restated an equal weight rating and set a $98.00 price target (up previously from $90.00) on shares of Red Hat in a research report on Wednesday, June 21st. Mizuho decreased their target price on shares of Red Hat from $109.00 to $96.00 and set a buy rating for the company in a research report on Wednesday, June 21st. Finally, BTIG Research decreased their target price on shares of Red Hat from $120.00 to $95.00 and set a buy rating for the company in a research report on Wednesday, June 21st. Nine equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $98.72.
Red Hat (RHT) opened at 98.53 on Thursday. The stock’s 50 day moving average price is $90.80 and its 200-day moving average price is $83.41. The stock has a market cap of $17.49 billion, a price-to-earnings ratio of 67.49 and a beta of 1.26. Red Hat has a 12 month low of $68.54 and a 12 month high of $100.80.
Red Hat (NYSE:RHT) last released its quarterly earnings data on Tuesday, June 20th. The open-source software company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.03. Red Hat had a net margin of 10.54% and a return on equity of 22.84%. The company had revenue of $677 million during the quarter, compared to the consensus estimate of $647.42 million. During the same period in the previous year, the firm earned $0.50 earnings per share. Red Hat’s revenue for the quarter was up 19.2% on a year-over-year basis. Equities analysts expect that Red Hat will post $2.68 EPS for the current year.
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In related news, CEO James M. Whitehurst sold 26,250 shares of the firm’s stock in a transaction that occurred on Thursday, April 20th. The stock was sold at an average price of $86.85, for a total transaction of $2,279,812.50. Following the completion of the sale, the chief executive officer now owns 397,380 shares of the company’s stock, valued at $34,512,453. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Cunningham sold 4,000 shares of Red Hat stock in a transaction on Friday, July 7th. The shares were sold at an average price of $96.59, for a total value of $386,360.00. Following the completion of the transaction, the executive vice president now owns 30,050 shares of the company’s stock, valued at $2,902,529.50. The disclosure for this sale can be found here. Insiders sold 267,805 shares of company stock valued at $24,009,537 over the last quarter. Corporate insiders own 0.66% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Red Hat by 2.4% in the first quarter. Vanguard Group Inc. now owns 17,147,907 shares of the open-source software company’s stock valued at $1,483,294,000 after buying an additional 399,260 shares during the last quarter. FMR LLC increased its stake in shares of Red Hat by 3.3% in the first quarter. FMR LLC now owns 10,079,689 shares of the open-source software company’s stock valued at $871,894,000 after buying an additional 317,464 shares in the last quarter. Sustainable Growth Advisers LP increased its stake in shares of Red Hat by 3.8% in the first quarter. Sustainable Growth Advisers LP now owns 2,425,693 shares of the open-source software company’s stock valued at $209,823,000 after buying an additional 88,232 shares in the last quarter. DF Dent & Co. Inc. increased its stake in shares of Red Hat by 2.7% in the first quarter. DF Dent & Co. Inc. now owns 1,803,495 shares of the open-source software company’s stock valued at $156,002,000 after buying an additional 47,219 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Red Hat by 8.8% in the first quarter. Geode Capital Management LLC now owns 1,681,066 shares of the open-source software company’s stock valued at $145,198,000 after buying an additional 135,533 shares during the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.
Red Hat Company Profile
Red Hat, Inc (Red Hat) provides open source software solutions, using a community-powered approach to develop and offer operating system, virtualization, management, middleware, cloud, mobile and storage technologies. Red Hat operates through three geographical segments: the Americas, including the United States, Canada and Latin America; EMEA, including Europe, Middle East and Africa, and Asia Pacific.
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