Red Hat (NYSE:RHT)‘s stock had its “overweight” rating reissued by investment analysts at KeyCorp in a research report issued to clients and investors on Monday, December 4th. They currently have a $135.00 price objective on the open-source software company’s stock, up from their prior price objective of $125.00. KeyCorp’s price objective would suggest a potential upside of 4.83% from the stock’s current price. KeyCorp also issued estimates for Red Hat’s Q2 2019 earnings at $0.67 EPS, Q3 2019 earnings at $0.66 EPS, Q4 2019 earnings at $0.71 EPS and FY2019 earnings at $2.51 EPS.
A number of other analysts have also weighed in on RHT. Robert W. Baird restated a “hold” rating on shares of Red Hat in a research note on Tuesday, September 26th. BTIG Research reaffirmed a “buy” rating and issued a $120.00 price target on shares of Red Hat in a report on Wednesday, September 27th. J P Morgan Chase & Co reaffirmed an “overweight” rating and issued a $117.00 price target (up from $110.00) on shares of Red Hat in a report on Tuesday, September 26th. BMO Capital Markets reissued a “market perform” rating and issued a $128.00 price objective (up from $107.00) on shares of Red Hat in a report on Tuesday, September 26th. Finally, Barclays increased their price objective on Red Hat from $120.00 to $122.00 and gave the company an “overweight” rating in a report on Tuesday, September 26th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-four have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $115.74.
Shares of Red Hat (NYSE RHT) opened at $128.78 on Monday. The stock has a market cap of $22,487.47, a PE ratio of 69.30, a P/E/G ratio of 4.01 and a beta of 1.19. Red Hat has a fifty-two week low of $68.54 and a fifty-two week high of $129.61. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.30 and a quick ratio of 1.30.
Red Hat (NYSE:RHT) last issued its quarterly earnings results on Monday, September 25th. The open-source software company reported $0.77 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.10. The company had revenue of $723.60 million for the quarter, compared to analyst estimates of $699.56 million. Red Hat had a net margin of 11.49% and a return on equity of 25.27%. The business’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.55 earnings per share. equities analysts predict that Red Hat will post 2 earnings per share for the current year.
In other Red Hat news, EVP Delisa Alexander sold 1,073 shares of the firm’s stock in a transaction dated Tuesday, October 17th. The stock was sold at an average price of $120.36, for a total value of $129,146.28. Following the sale, the executive vice president now directly owns 38,150 shares of the company’s stock, valued at approximately $4,591,734. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Michael A. Kelly sold 2,888 shares of the firm’s stock in a transaction dated Wednesday, October 18th. The stock was sold at an average price of $121.03, for a total value of $349,534.64. Following the completion of the sale, the insider now directly owns 8,751 shares in the company, valued at $1,059,133.53. The disclosure for this sale can be found here. Over the last three months, insiders sold 34,172 shares of company stock worth $3,926,377. 0.66% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in RHT. FMR LLC lifted its stake in shares of Red Hat by 10.8% in the 2nd quarter. FMR LLC now owns 11,165,642 shares of the open-source software company’s stock valued at $1,069,110,000 after purchasing an additional 1,085,953 shares in the last quarter. Swedbank purchased a new stake in shares of Red Hat during the 3rd quarter valued at about $115,424,000. American Century Companies Inc. raised its holdings in shares of Red Hat by 6,697.1% during the 3rd quarter. American Century Companies Inc. now owns 953,634 shares of the open-source software company’s stock valued at $105,720,000 after buying an additional 939,604 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in shares of Red Hat by 282.6% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,177,208 shares of the open-source software company’s stock valued at $112,718,000 after buying an additional 869,550 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Red Hat by 28.8% during the 2nd quarter. Northern Trust Corp now owns 3,794,946 shares of the open-source software company’s stock valued at $363,365,000 after buying an additional 848,777 shares during the period. 93.85% of the stock is currently owned by institutional investors and hedge funds.
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.