Red Hat Inc (NYSE:RHT) has earned an average recommendation of Buy from the thirty-two ratings firms that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation and twenty have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $157.79.
A number of brokerages have issued reports on RHT. Zacks Investment Research lowered shares of Red Hat from a buy rating to a hold rating in a report on Wednesday, June 27th. BMO Capital Markets cut their price target on shares of Red Hat from $192.00 to $177.00 and set a market perform rating on the stock in a report on Wednesday, June 27th. Cowen reissued a buy rating and issued a $165.00 price target on shares of Red Hat in a report on Tuesday, June 26th. ValuEngine lowered shares of Red Hat from a strong-buy rating to a buy rating in a report on Friday, June 22nd. Finally, Barclays cut their price target on shares of Red Hat from $186.00 to $160.00 and set an overweight rating on the stock in a report on Friday, June 22nd.
In other Red Hat news, EVP Delisa Alexander sold 222 shares of Red Hat stock in a transaction dated Friday, April 13th. The shares were sold at an average price of $156.19, for a total value of $34,674.18. Following the completion of the transaction, the executive vice president now directly owns 35,027 shares of the companys stock, valued at $5,470,867.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charlene T. Begley sold 4,500 shares of Red Hat stock in a transaction dated Tuesday, April 10th. The stock was sold at an average price of $156.15, for a total transaction of $702,675.00. Following the completion of the transaction, the director now directly owns 8,144 shares of the companys stock, valued at $1,271,685.60. The disclosure for this sale can be found here. Insiders sold 92,376 shares of company stock valued at $14,864,024 over the last ninety days. Corporate insiders own 0.58% of the companys stock.
A number of institutional investors have recently modified their holdings of the business. Mount Yale Investment Advisors LLC purchased a new position in shares of Red Hat during the first quarter valued at approximately $103,000. We Are One Seven LLC purchased a new position in shares of Red Hat during the fourth quarter valued at approximately $105,000. Summit Trail Advisors LLC raised its holdings in shares of Red Hat by 17,117.4% during the first quarter. Summit Trail Advisors LLC now owns 137,395 shares of the open-source software companys stock valued at $137,000 after purchasing an additional 136,597 shares during the last quarter. Avestar Capital LLC purchased a new position in shares of Red Hat during the fourth quarter valued at approximately $168,000. Finally, Pitcairn Co. purchased a new position in shares of Red Hat during the first quarter valued at approximately $203,000. 95.28% of the stock is owned by institutional investors and hedge funds.
Red Hat traded up $1.33, reaching $138.25, during trading hours on Friday, Marketbeat Ratings reports. The stock had a trading volume of 69,428 shares, compared to its average volume of 2,876,468. The firm has a market cap of $24.33 billion, a PE ratio of 59.95, a price-to-earnings-growth ratio of 3.34 and a beta of 1.09. Red Hat has a 52 week low of $95.36 and a 52 week high of $177.70. The company has a quick ratio of 1.36, a current ratio of 1.28 and a debt-to-equity ratio of 0.39.
Red Hat (NYSE:RHT) last announced its quarterly earnings results on Thursday, June 21st. The open-source software company reported $0.72 earnings per share (EPS) for the quarter, topping analysts consensus estimates of $0.69 by $0.03. The business had revenue of $813.53 million for the quarter, compared to analyst estimates of $807.48 million. Red Hat had a net margin of 9.77% and a return on equity of 30.40%. The companys revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.56 EPS. sell-side analysts expect that Red Hat will post 2.56 earnings per share for the current fiscal year.
Red Hat declared that its Board of Directors has initiated a stock repurchase program on Thursday, June 21st that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the open-source software company to purchase up to 4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the companys board believes its shares are undervalued.
This article provided by NewsEdge.