Red Hat Inc (RHT) Received Neutral Rating at Robert W. Baird

Red Hat Inc (RHT) Received Neutral Rating at Robert W. Baird

Red Hat Inc (NYSE:RHT)‘s stock had its “neutral” rating reissued by analysts at Robert W. Baird in a report issued on Tuesday. They presently have a $90.00 price target on the open-source software company’s stock. Robert W. Baird’s target price indicates a potential upside of 4.07% from the stock’s previous close.

Other research analysts also recently issued reports about the company. BMO Capital Markets boosted their price objective on Red Hat from $75.00 to $90.00 and gave the company a “market perform” rating in a research note on Tuesday. Citigroup Inc boosted their price objective on Red Hat from $91.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday. Deutsche Bank AG boosted their price objective on Red Hat from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday. BTIG Research boosted their price objective on Red Hat from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Mizuho boosted their price objective on Red Hat from $94.00 to $96.00 and gave the company a “buy” rating in a research note on Tuesday. Nine analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Red Hat has a consensus rating of “Buy” and an average price target of $91.10.

Shares of Red Hat (NYSE:RHT) traded up 5.21% on Tuesday, reaching $86.48. 8,552,051 shares of the company’s stock were exchanged. Red Hat has a one year low of $68.54 and a one year high of $87.91. The firm has a market cap of $15.42 billion, a PE ratio of 66.02 and a beta of 1.44. The company has a 50 day moving average price of $82.12 and a 200 day moving average price of $77.84.

Red Hat (NYSE:RHT) last announced its quarterly earnings data on Monday, March 27th. The open-source software company reported $0.61 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.61. The company earned $628.80 million during the quarter, compared to the consensus estimate of $618.64 million. Red Hat had a return on equity of 20.57% and a net margin of 10.36%. The firm’s revenue was up 15.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 EPS. Analysts expect that Red Hat will post $2.27 EPS for the current fiscal year.

In other news, CEO James M. Whitehurst sold 5,099 shares of the business’s stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $83.69, for a total transaction of $426,735.31. Following the transaction, the chief executive officer now owns 429,072 shares of the company’s stock, valued at approximately $35,909,035.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Delisa Alexander sold 1,365 shares of the business’s stock in a transaction that occurred on Wednesday, January 18th. The shares were sold at an average price of $72.83, for a total value of $99,412.95. Following the transaction, the executive vice president now directly owns 55,450 shares in the company, valued at approximately $4,038,423.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,176 shares of company stock worth $1,757,321. Corporate insiders own 0.76% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD increased its position in Red Hat by 24.3% in the third quarter. Price T Rowe Associates Inc. MD now owns 20,244,633 shares of the open-source software company’s stock valued at $1,636,374,000 after buying an additional 3,954,374 shares in the last quarter. Norges Bank bought a new position in Red Hat during the fourth quarter valued at $115,191,000. Russell Investments Group Ltd. bought a new position in Red Hat during the fourth quarter valued at $66,426,000. William Blair Investment Management LLC increased its position in Red Hat by 28.4% in the fourth quarter. William Blair Investment Management LLC now owns 4,260,498 shares of the open-source software company’s stock valued at $296,957,000 after buying an additional 942,852 shares in the last quarter. Finally, Fred Alger Management Inc. increased its position in Red Hat by 433.3% in the fourth quarter. Fred Alger Management Inc. now owns 993,792 shares of the open-source software company’s stock valued at $69,268,000 after buying an additional 807,431 shares in the last quarter. 95.36% of the stock is currently owned by hedge funds and other institutional investors.

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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