Cornerstone Wealth Management LLC increased its position in shares of Red Hat Inc (NYSE:RHT) by 13,666.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 713,364 shares of the open-source software companys stock after buying an additional 708,182 shares during the period. Cornerstone Wealth Management LLC owned 0.40% of Red Hat worth $5,233,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Mount Yale Investment Advisors LLC acquired a new position in shares of Red Hat in the first quarter valued at approximately $103,000. We Are One Seven LLC bought a new stake in Red Hat in the fourth quarter valued at approximately $105,000. Summit Trail Advisors LLC boosted its holdings in Red Hat by 17,117.4% in the first quarter. Summit Trail Advisors LLC now owns 137,395 shares of the open-source software companys stock valued at $137,000 after acquiring an additional 136,597 shares during the last quarter. Pitcairn Co. bought a new stake in Red Hat in the first quarter valued at approximately $203,000. Finally, D.A. Davidson & CO. bought a new stake in Red Hat in the first quarter valued at approximately $253,000. Institutional investors and hedge funds own 95.63% of the companys stock.
Several analysts recently commented on RHT shares. Wells Fargo & Co reiterated an outperform rating and issued a $170.00 target price on shares of Red Hat in a report on Friday, June 22nd. Cowen restated a buy rating and set a $165.00 price target on shares of Red Hat in a report on Tuesday, June 26th. Zacks Investment Research upgraded Red Hat from a hold rating to a strong-buy rating and set a $190.00 price target on the stock in a report on Monday, May 28th. Monness Crespi & Hardt cut their price target on Red Hat from $200.00 to $186.00 and set a buy rating on the stock in a report on Friday, June 22nd. Finally, Royal Bank of Canada cut their target price on Red Hat from $180.00 to $177.00 and set an outperform rating on the stock in a report on Friday, June 22nd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty have issued a buy rating to the company. Red Hat presently has an average rating of Buy and a consensus target price of $157.83.
Shares of RHT stock traded up $1.66 on Thursday, hitting $140.79. 1,362,400 shares of the stock were exchanged, compared to its average volume of 1,945,758. Red Hat Inc has a one year low of $100.15 and a one year high of $177.70. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.28 and a current ratio of 1.28. The company has a market capitalization of $25.68 billion, a price-to-earnings ratio of 61.32, a PEG ratio of 3.53 and a beta of 1.07.
Red Hat (NYSE:RHT) last issued its earnings results on Thursday, June 21st. The open-source software company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.69 by $0.03. Red Hat had a return on equity of 30.40% and a net margin of 9.77%. The business had revenue of $813.53 million during the quarter, compared to the consensus estimate of $807.48 million. During the same quarter last year, the company earned $0.56 EPS. The firms revenue was up 20.2% compared to the same quarter last year. equities analysts predict that Red Hat Inc will post 2.56 EPS for the current year.
Red Hat declared that its Board of Directors has authorized a share buyback plan on Thursday, June 21st that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the open-source software company to repurchase up to 4% of its shares through open market purchases. Shares buyback plans are often an indication that the companys management believes its stock is undervalued.
In other news, CEO James M. Whitehurst sold 44,472 shares of Red Hat stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $142.56, for a total transaction of $6,339,928.32. Following the completion of the sale, the chief executive officer now owns 445,557 shares in the company, valued at approximately $63,518,605.92. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michael A. Kelly sold 636 shares of Red Hat stock in a transaction dated Tuesday, July 17th. The shares were sold at an average price of $145.00, for a total value of $92,220.00. Following the sale, the insider now owns 5,965 shares of the companys stock, valued at approximately $864,925. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,926 shares of company stock valued at $8,145,758. 0.58% of the stock is owned by corporate insiders.
This article provided by NewsEdge.