Red Hat (RHT) PT Raised to $142.00 at BMO Capital Markets

Red Hat (NYSE:RHT) had its target price boosted by analysts at BMO Capital Markets from $128.00 to $142.00 in a research report issued to clients and investors on Wednesday, December 20th, Marketbeat reports. The firm presently has a “market perform” rating on the open-source software company’s stock. BMO Capital Markets’ target price indicates a potential upside of 17.32% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Zacks Investment Research upgraded Red Hat from a “hold” rating to a “buy” rating and set a $120.00 price target for the company in a research note on Thursday, September 21st. Stifel Nicolaus reiterated a “buy” rating and issued a $115.00 price target on shares of Red Hat in a research note on Wednesday, September 20th. Drexel Hamilton reiterated a “buy” rating and issued a $127.00 price target on shares of Red Hat in a research note on Tuesday, September 19th. Moffett Nathanson initiated coverage on Red Hat in a research note on Wednesday, September 6th. They issued a “buy” rating for the company. Finally, Mizuho reiterated a “buy” rating and issued a $125.00 price target (up from $109.00) on shares of Red Hat in a research note on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-two have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $124.25.

Red Hat (NYSE RHT) traded up $0.94 during trading hours on Wednesday, reaching $121.04. The company had a trading volume of 2,360,000 shares, compared to its average volume of 1,780,000. The firm has a market capitalization of $21,420.00, a P/E ratio of 65.78, a price-to-earnings-growth ratio of 3.67 and a beta of 1.19. Red Hat has a fifty-two week low of $68.95 and a fifty-two week high of $130.93. The company has a quick ratio of 1.30, a current ratio of 1.37 and a debt-to-equity ratio of 0.53.

Red Hat (NYSE:RHT) last posted its quarterly earnings results on Tuesday, December 19th. The open-source software company reported $0.73 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.03. The business had revenue of $747.98 million during the quarter, compared to the consensus estimate of $734.69 million. Red Hat had a return on equity of 26.23% and a net margin of 12.14%. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period last year, the firm earned $0.61 earnings per share. analysts expect that Red Hat will post 2.08 earnings per share for the current fiscal year.

In other news, Director William S. Kaiser sold 14,000 shares of Red Hat stock in a transaction that occurred on Thursday, October 5th. The stock was sold at an average price of $114.79, for a total transaction of $1,607,060.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO James M. Whitehurst sold 4,211 shares of Red Hat stock in a transaction that occurred on Tuesday, October 17th. The shares were sold at an average price of $120.36, for a total value of $506,835.96. Following the sale, the chief executive officer now directly owns 380,158 shares in the company, valued at approximately $45,755,816.88. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 22,172 shares of company stock worth $2,592,577. Corporate insiders own 0.66% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. D.A. Davidson & CO. raised its holdings in Red Hat by 6.8% during the second quarter. D.A. Davidson & CO. now owns 1,071 shares of the open-source software company’s stock worth $102,000 after purchasing an additional 68 shares in the last quarter. Clear Perspective Advisors LLC bought a new stake in Red Hat during the second quarter worth approximately $112,000. Sun Life Financial INC raised its holdings in Red Hat by 14,837.5% during the second quarter. Sun Life Financial INC now owns 1,195 shares of the open-source software company’s stock worth $114,000 after purchasing an additional 1,187 shares in the last quarter. BB&T Investment Services Inc. bought a new stake in Red Hat during the second quarter worth approximately $135,000. Finally, Global X Management Co. LLC raised its holdings in Red Hat by 91.3% during the second quarter. Global X Management Co. LLC now owns 1,542 shares of the open-source software company’s stock worth $148,000 after purchasing an additional 736 shares in the last quarter. 93.57% of the stock is currently owned by institutional investors.

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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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