Cambridge Investment Research Advisors Inc. decreased its stake in Red Hat, Inc. (NYSE:RHT) by 12.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,279 shares of the open-source software company’s stock after selling 484 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Red Hat were worth $314,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Shine Investment Advisory Services Inc. acquired a new stake in shares of Red Hat in the second quarter valued at about $117,000. State of Alaska Department of Revenue bought a new stake in shares of Red Hat during the 2nd quarter valued at about $122,000. Bronfman E.L. Rothschild L.P. boosted its position in shares of Red Hat by 1.4% during the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 1,521 shares of the open-source software company’s stock valued at $132,000 after purchasing an additional 21 shares in the last quarter. Global X Management Co. LLC boosted its position in shares of Red Hat by 91.3% during the 2nd quarter. Global X Management Co. LLC now owns 1,542 shares of the open-source software company’s stock valued at $148,000 after purchasing an additional 736 shares in the last quarter. Finally, Point72 Asia Hong Kong Ltd bought a new stake in shares of Red Hat during the 1st quarter valued at about $170,000. 94.21% of the stock is owned by institutional investors.
Shares of Red Hat, Inc. (NYSE:RHT) opened at 107.30 on Friday. The company has a market cap of $19.04 billion, a price-to-earnings ratio of 73.49 and a beta of 1.24. The company’s 50-day moving average price is $102.94 and its 200 day moving average price is $92.77. Red Hat, Inc. has a 1-year low of $68.54 and a 1-year high of $108.13.
Red Hat (NYSE:RHT) last released its quarterly earnings data on Tuesday, June 20th. The open-source software company reported $0.56 EPS for the quarter, beating 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 business had revenue of $677.00 million during the quarter, compared to the consensus estimate of $647.42 million. During the same quarter in the prior year, the firm earned $0.50 EPS. The business’s revenue was up 19.2% on a year-over-year basis. On average, analysts predict that Red Hat, Inc. will post $2.69 earnings per share for the current fiscal year.
Several brokerages recently commented on RHT. Robert W. Baird upped their target price on Red Hat from $90.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, June 21st. Mizuho cut their price target on Red Hat from $109.00 to $96.00 and set a “buy” rating on the stock in a report on Wednesday, June 21st. Morgan Stanley reiterated an “equal weight” rating and issued a $98.00 price target (up previously from $90.00) on shares of Red Hat in a report on Wednesday, June 21st. BTIG Research cut their price target on Red Hat from $120.00 to $95.00 and set a “buy” rating on the stock in a report on Wednesday, June 21st. Finally, Jefferies Group LLC reiterated a “hold” rating on shares of Red Hat in a report on Thursday, June 22nd. Eleven equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Red Hat has an average rating of “Buy” and a consensus price target of $100.71.
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In other Red Hat news, Director William S. Kaiser sold 4,006 shares of the stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $96.43, for a total transaction of $386,298.58. Following the completion of the transaction, the director now owns 91,808 shares of the company’s stock, valued at approximately $8,853,045.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Cunningham sold 4,000 shares of the stock in a transaction dated Friday, July 7th. The shares were sold at an average price of $96.59, for a total transaction of $386,360.00. Following the transaction, the executive vice president now directly owns 30,050 shares of the company’s stock, valued at approximately $2,902,529.50. The disclosure for this sale can be found here. Insiders have sold a total of 44,087 shares of company stock valued at $4,265,012 in the last three months. Insiders own 0.66% of the company’s stock.
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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