Red Hat Inc (RHT) Receives $163.16 Consensus Price Target from Brokerages

Shares of Red Hat Inc (NYSE:RHT) have been assigned a consensus recommendation of “Hold” from the thirty-one analysts that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $163.16.

A number of equities analysts have commented on RHT shares. Nomura downgraded shares of Red Hat from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $175.00 to $190.00 in a report on Tuesday, October 30th. OTR Global downgraded shares of Red Hat to a “positive” rating in a report on Thursday, September 13th. JPMorgan Chase & Co. downgraded shares of Red Hat from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $160.00 to $150.00 in a report on Tuesday, September 18th. Jefferies Financial Group decreased their price objective on shares of Red Hat from $154.00 to $140.00 and set a “hold” rating for the company in a report on Friday, September 21st. Finally, KeyCorp decreased their price objective on shares of Red Hat from $184.00 to $180.00 and set an “overweight” rating for the company in a report on Thursday, September 20th.

In related news, EVP Delisa Alexander sold 960 shares of Red Hat stock in a transaction dated Wednesday, October 17th. The shares were sold at an average price of $125.03, for a total transaction of $120,028.80. Following the sale, the executive vice president now directly owns 33,217 shares in the company, valued at $4,153,121.51. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO James M. Whitehurst sold 2,513 shares of Red Hat stock in a transaction dated Wednesday, October 17th. The shares were sold at an average price of $125.03, for a total transaction of $314,200.39. Following the sale, the chief executive officer now owns 361,627 shares in the company, valued at $45,214,223.81. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,631 shares of company stock valued at $453,984. Corporate insiders own 0.58% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Trust Co. of Toledo NA OH raised its position in Red Hat by 5.6% in the third quarter. Trust Co. of Toledo NA OH now owns 5,524 shares of the open-source software company’s stock worth $753,000 after acquiring an additional 292 shares in the last quarter. Mutual of America Capital Management LLC raised its position in Red Hat by 1.5% in the second quarter. Mutual of America Capital Management LLC now owns 27,735 shares of the open-source software company’s stock worth $3,727,000 after acquiring an additional 418 shares in the last quarter. Boltwood Capital Management raised its position in Red Hat by 4.7% in the third quarter. Boltwood Capital Management now owns 9,755 shares of the open-source software company’s stock worth $1,329,000 after acquiring an additional 437 shares in the last quarter. Yorktown Management & Research Co Inc raised its position in Red Hat by 28.1% in the third quarter. Yorktown Management & Research Co Inc now owns 2,050 shares of the open-source software company’s stock worth $279,000 after acquiring an additional 450 shares in the last quarter. Finally, Comerica Securities Inc. raised its position in Red Hat by 9.3% in the third quarter. Comerica Securities Inc. now owns 5,452 shares of the open-source software company’s stock worth $743,000 after acquiring an additional 464 shares in the last quarter. Institutional investors and hedge funds own 96.99% of the company’s stock.

Shares of RHT stock traded down $1.15 during mid-day trading on Monday, reaching $177.10. 1,634,875 shares of the company were exchanged, compared to its average volume of 2,139,141. Red Hat has a fifty-two week low of $115.31 and a fifty-two week high of $179.49. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $31.37 billion, a P/E ratio of 77.00, a PEG ratio of 4.63 and a beta of 0.70.

Red Hat (NYSE:RHT) last released its quarterly earnings data on Wednesday, September 19th. The open-source software company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.03. The firm had revenue of $822.75 million during the quarter, compared to the consensus estimate of $828.12 million. Red Hat had a net margin of 9.15% and a return on equity of 31.80%. The firm’s revenue was up 13.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.77 earnings per share. On average, research analysts predict that Red Hat will post 2.57 EPS for the current year.

About Red Hat

Red Hat, Inc provides open source software solutions to develop and offer operating system, virtualization, management, middleware, cloud, mobile, and storage technologies to various enterprises worldwide. It offers infrastructure-related solutions, such as Red Hat Enterprise Linux, an operating system platform that runs on hardware for use in hybrid cloud environments; Red Hat Satellite, a system management offering that helps to deploy, scale, and manage in hybrid cloud environments; and Red Hat Enterprise Virtualization, a software solution that allows customers to utilize and manage a common hardware infrastructure to run multiple operating systems and applications.

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Analyst Recommendations for Red Hat (NYSE:RHT)

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