Red Hat’s (RHT) “Buy” Rating Reiterated at Oppenheimer

Red Hat (NYSE:RHT)‘s stock had its “buy” rating reiterated by investment analysts at Oppenheimer in a research report issued to clients and investors on Wednesday, December 20th. They presently have a $140.00 target price on the open-source software company’s stock, up from their previous target price of $125.00. Oppenheimer’s price target points to a potential upside of 15.66% from the company’s current price.

Several other equities analysts have also recently weighed in on RHT. Robert W. Baird reaffirmed a “hold” rating on shares of Red Hat in a research report on Tuesday, September 26th. BTIG Research reiterated a “buy” rating and issued a $120.00 price objective on shares of Red Hat in a research note on Wednesday, September 27th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $117.00 price objective (up previously from $110.00) on shares of Red Hat in a research note on Tuesday, September 26th. BMO Capital Markets reiterated a “market perform” rating and issued a $128.00 price objective (up previously from $107.00) on shares of Red Hat in a research note on Tuesday, September 26th. Finally, Barclays increased their price objective on shares of Red Hat from $120.00 to $122.00 and gave the company an “overweight” rating in a research note on Tuesday, September 26th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have assigned a buy rating to the stock. Red Hat has a consensus rating of “Buy” and an average target price of $124.25.

Red Hat (RHT) traded up $0.94 during mid-day trading on Wednesday, hitting $121.04. 2,360,000 shares of the stock were exchanged, compared to its average volume of 1,780,000. The company has a market cap of $21,420.00, a PE ratio of 65.78, a PEG ratio of 3.67 and a beta of 1.19. 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 has a one year low of $68.95 and a one year high of $130.93.

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

In related news, insider Michael A. Kelly sold 2,888 shares of Red Hat stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $121.03, for a total value of $349,534.64. Following the completion of the transaction, the insider now directly owns 8,751 shares in the company, valued at approximately $1,059,133.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Delisa Alexander sold 1,073 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 transaction of $129,146.28. Following the completion of the transaction, the executive vice president now owns 38,150 shares of the company’s stock, valued at $4,591,734. The disclosure for this sale can be found here. Insiders sold a total of 22,172 shares of company stock valued at $2,592,577 over the last quarter. 0.66% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Global X Management Co. LLC boosted its holdings in Red Hat by 91.3% in 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 during the period. Schwab Charles Investment Management Inc. boosted its holdings in Red Hat by 8.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 652,768 shares of the open-source software company’s stock valued at $62,503,000 after purchasing an additional 48,777 shares during the period. Legal & General Group Plc boosted its holdings in Red Hat by 3.8% in the 2nd quarter. Legal & General Group Plc now owns 841,773 shares of the open-source software company’s stock valued at $80,600,000 after purchasing an additional 31,131 shares during the period. State Board of Administration of Florida Retirement System boosted its holdings in Red Hat by 0.7% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 267,192 shares of the open-source software company’s stock valued at $25,584,000 after purchasing an additional 1,944 shares during the period. Finally, Tocqueville Asset Management L.P. bought a new position in Red Hat in the 2nd quarter valued at $239,000. Institutional investors and hedge funds own 93.57% of the company’s stock.

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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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