Red Hat, Inc. (RHT) Shares Sold by State Treasurer State of Michigan

State Treasurer State of Michigan cut its position in shares of Red Hat, Inc. (NYSE:RHT) by 0.3% during the second quarter, Holdings Channel reports. The institutional investor owned 58,396 shares of the open-source software company’s stock after selling 200 shares during the period. State Treasurer State of Michigan’s holdings in Red Hat were worth $5,591,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Caisse DE Depot ET Placement DU Quebec increased its position in shares of Red Hat by 6.9% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,104 shares of the open-source software company’s stock worth $1,481,000 after buying an additional 1,100 shares in the last quarter. Toronto Dominion Bank increased its position in shares of Red Hat by 55.3% in the first quarter. Toronto Dominion Bank now owns 48,126 shares of the open-source software company’s stock worth $4,163,000 after buying an additional 17,143 shares in the last quarter. FMR LLC increased its position 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 worth $871,894,000 after buying an additional 317,464 shares in the last quarter. Comerica Bank increased its position in shares of Red Hat by 0.7% in the first quarter. Comerica Bank now owns 103,913 shares of the open-source software company’s stock worth $9,160,000 after buying an additional 740 shares in the last quarter. Finally, Quantitative Investment Management LLC bought a new position in shares of Red Hat during the first quarter worth about $16,573,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Red Hat, Inc. (RHT) traded up 0.02% during mid-day trading on Friday, hitting $98.94. 861,926 shares of the stock were exchanged. Red Hat, Inc. has a 52 week low of $68.54 and a 52 week high of $100.80. The company has a 50 day moving average price of $94.50 and a 200 day moving average price of $85.62. The stock has a market cap of $17.56 billion, a price-to-earnings ratio of 67.77 and a beta of 1.26.

Red Hat (NYSE:RHT) last announced its earnings results on Tuesday, June 20th. The open-source software company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.03. The firm had revenue of $677 million during the quarter, compared to analysts’ expectations of $647.42 million. Red Hat had a return on equity of 22.84% and a net margin of 10.54%. The company’s revenue was up 19.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.50 earnings per share. Analysts expect that Red Hat, Inc. will post $2.66 EPS for the current fiscal year.

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Several research firms have weighed in on RHT. Cowen and Company raised their target price on shares of Red Hat from $88.00 to $93.00 and gave the company an “outperform” rating in a report on Tuesday, March 28th. BTIG Research raised their target price on shares of Red Hat from $90.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, March 28th. BMO Capital Markets raised their target price on shares of Red Hat from $75.00 to $90.00 and gave the company a “market perform” rating in a report on Tuesday, March 28th. Zacks Investment Research upgraded shares of Red Hat from a “hold” rating to a “strong-buy” rating and set a $101.00 target price for the company in a report on Tuesday, May 2nd. Finally, Drexel Hamilton restated a “buy” rating and set a $127.00 target price (up from $110.00) on shares of Red Hat in a report on Wednesday, June 21st. Nine analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $98.72.

In other Red Hat news, EVP Delisa Alexander sold 12,062 shares of the company’s stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $87.36, for a total transaction of $1,053,736.32. Following the completion of the sale, the executive vice president now owns 49,187 shares of the company’s stock, valued at $4,296,976.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James M. Whitehurst sold 9,122 shares of the company’s stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $98.02, for a total value of $894,138.44. Following the sale, the chief executive officer now directly owns 414,101 shares of the company’s stock, valued at approximately $40,590,180.02. The disclosure for this sale can be found here. Insiders have sold 245,121 shares of company stock valued at $22,166,786 in the last ninety days. Company insiders own 0.66% of the company’s stock.

About Red Hat

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

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