Arrowstreet Capital Limited Partnership Purchases 869,550 Shares of Red Hat, Inc. (RHT)

Arrowstreet Capital Limited Partnership raised its position in Red Hat, Inc. (NYSE:RHT) by 282.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,177,208 shares of the open-source software company’s stock after acquiring an additional 869,550 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.66% of Red Hat worth $112,718,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Red Hat by 2.8% in the second quarter. Vanguard Group Inc. now owns 17,627,522 shares of the open-source software company’s stock worth $1,687,836,000 after acquiring an additional 479,615 shares during the last quarter. FMR LLC lifted its stake in Red Hat by 10.8% in the second quarter. FMR LLC now owns 11,165,642 shares of the open-source software company’s stock worth $1,069,110,000 after acquiring an additional 1,085,953 shares during the last quarter. Northern Trust Corp lifted its stake in Red Hat by 28.8% in the second quarter. Northern Trust Corp now owns 3,794,946 shares of the open-source software company’s stock worth $363,365,000 after acquiring an additional 848,777 shares during the last quarter. DF Dent & Co. Inc. lifted its stake in 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 worth $156,002,000 after acquiring an additional 47,219 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake 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 worth $145,198,000 after acquiring an additional 135,533 shares during the last quarter. Institutional investors own 94.03% of the company’s stock.

In related news, CEO James M. Whitehurst sold 12,000 shares of the stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $111.15, for a total value of $1,333,800.00. Following the completion of the transaction, the chief executive officer now owns 392,979 shares in the company, valued at approximately $43,679,615.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William S. Kaiser sold 14,000 shares of the stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $114.79, for a total value of $1,607,060.00. The disclosure for this sale can be found here. Insiders sold a total of 39,087 shares of company stock valued at $4,227,191 in the last quarter. 0.66% of the stock is currently owned by corporate insiders.

RHT has been the subject of a number of recent research reports. Goldman Sachs Group, Inc. (The) lifted their price target on shares of Red Hat from $85.00 to $97.00 and gave the stock a “buy” rating in a research note on Wednesday, June 21st. BTIG Research decreased their price target on shares of Red Hat from $120.00 to $95.00 and set a “buy” rating for the company in a research note on Wednesday, June 21st. Stifel Nicolaus upgraded shares of Red Hat from a “hold” rating to a “buy” rating and lifted their price target for the stock from $83.00 to $115.00 in a research note on Wednesday, June 21st. Mizuho cut their price objective on shares of Red Hat from $109.00 to $96.00 and set a “buy” rating on the stock in a report on Wednesday, June 21st. Finally, Deutsche Bank AG raised their price objective on shares of Red Hat from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, June 21st. Ten research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $110.93.

COPYRIGHT VIOLATION NOTICE: This piece was first published by Transcript Daily and is owned by of Transcript Daily. If you are accessing this piece on another website, it was stolen and reposted in violation of international copyright & trademark legislation. The correct version of this piece can be read at https://transcriptdaily.com/2017/10/08/arrowstreet-capital-limited-partnership-purchases-869550-shares-of-red-hat-inc-rht.html.

Shares of Red Hat, Inc. (NYSE:RHT) traded up 1.33% on Friday, reaching $117.06. 2,041,735 shares of the company traded hands. The company has a market capitalization of $20.71 billion, a PE ratio of 70.05 and a beta of 1.25. Red Hat, Inc. has a 52-week low of $68.54 and a 52-week high of $117.22. The firm has a 50-day moving average of $107.71 and a 200-day moving average of $95.69.

Red Hat (NYSE:RHT) last released its quarterly earnings results on Monday, September 25th. The open-source software company reported $0.77 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.10. Red Hat had a return on equity of 25.27% and a net margin of 11.49%. The business had revenue of $723.60 million during the quarter, compared to analyst estimates of $699.56 million. During the same quarter last year, the company posted $0.55 EPS. Red Hat’s revenue for the quarter was up 20.6% on a year-over-year basis. On average, equities research analysts forecast that Red Hat, Inc. will post $2.79 earnings per share for the current fiscal year.

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.

Want to see what other hedge funds are holding RHT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Red Hat, Inc. (NYSE:RHT).

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

Receive News & Ratings for Red Hat Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Red Hat Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply