Red Hat (RHT) – Investment Analysts’ Weekly Ratings Changes

Red Hat (NYSE: RHT) has recently received a number of price target changes and ratings updates:

  • 9/19/2017 – Red Hat had its “buy” rating reaffirmed by analysts at Drexel Hamilton. They now have a $127.00 price target on the stock. They wrote, “We believe Red Hat will slightly beat our 2Q:FY18 revenue estimate of $699.6 million (up 17% YoY; Street is at $699.6 million) and our EPS projection of $0.67 (Street is also at $0.67). Our 2Q:FY18 revenue estimate represents 3% QoQ growth (i.e., the 62nd consecutive quarter of sequential revenue growth) but slightly below the five-year average of up 4%.””
  • 9/19/2017 – Red Hat had its price target raised by analysts at Wells Fargo & Company from $115.00 to $120.00. They now have an “outperform” rating on the stock.
  • 9/18/2017 – Red Hat had its price target raised by analysts at Barclays PLC from $105.00 to $120.00. They now have an “overweight” rating on the stock.
  • 9/13/2017 – Red Hat had its price target raised by analysts at JMP Securities from $107.00 to $122.00. They now have an “outperform” rating on the stock.
  • 9/8/2017 – Red Hat had its “overweight” rating reaffirmed by analysts at KeyCorp. They now have a $121.00 price target on the stock.
  • 9/6/2017 – Red Hat is now covered by analysts at Moffett Nathanson. They set a “buy” rating on the stock.
  • 9/5/2017 – Red Hat is now covered by analysts at Credit Suisse Group. They set a “neutral” rating and a $111.00 price target on the stock.
  • 8/27/2017 – Red Hat had its “hold” rating reaffirmed by analysts at Piper Jaffray Companies. They now have a $100.00 price target on the stock.
  • 8/22/2017 – Red Hat was downgraded by analysts at Zacks Investment Research from a “strong-buy” rating to a “hold” rating. According to Zacks, “Red Hat is benefiting from strong deal win, improving recurring revenues and cross-selling of cloud-based technology. We believe that Amazon Web Services-OpenShift partnership extension reflects strength in Red Hat’s solutions and platform. The acquisition of Codenvy will boost its position in the hybrid cloud computing market. Further, the company has a strong customer as well as partner base that include the likes of IBM, Intel, Dell Technologies, Google cloud platform and Microsoft Azure. We note that the company has outperformed the industry on a year-to-date basis. However, intensifying competition, growing U.S. government exposure and foreign exchange volatility are some of the headwinds, in our view.”

Shares of Red Hat, Inc. (NYSE:RHT) opened at 107.14 on Wednesday. Red Hat, Inc. has a 1-year low of $68.54 and a 1-year high of $108.39. The firm’s 50-day moving average is $103.43 and its 200-day moving average is $93.28. The company has a market capitalization of $19.01 billion, a price-to-earnings ratio of 73.38 and a beta of 1.24.

Red Hat (NYSE:RHT) last announced its earnings results on Tuesday, June 20th. The open-source software company reported $0.56 EPS for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.03. The business had revenue of $677.00 million during the quarter, compared to the consensus estimate of $647.42 million. Red Hat had a net margin of 10.54% and a return on equity of 22.84%. The firm’s revenue was up 19.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.50 earnings per share. Analysts forecast that Red Hat, Inc. will post $2.69 earnings per share for the current fiscal year.

In other Red Hat news, CEO James M. Whitehurst sold 12,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $95.70, for a total value of $1,148,400.00. Following the completion of the transaction, the chief executive officer now directly owns 422,873 shares in the company, valued at $40,468,946.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Eric Ryan Shander sold 1,521 shares of the business’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $99.98, for a total transaction of $152,069.58. Following the completion of the transaction, the chief financial officer now owns 9,913 shares of the company’s stock, valued at $991,101.74. The disclosure for this sale can be found here. Insiders sold 44,087 shares of company stock valued at $4,265,012 over the last quarter. 0.66% of the stock is currently owned by corporate insiders.

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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