Red Hat Inc (NYSE:RHT) Receives Average Recommendation of “Buy” from Brokerages

Shares of Red Hat Inc (NYSE:RHT) have received an average recommendation of “Buy” from the thirty-four ratings firms that are covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and twenty-four have given a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $88.99.

Several analysts recently issued reports on RHT shares. Vetr lowered shares of Red Hat from a “buy” rating to a “hold” rating and set a $85.88 price objective on the stock. in a report on Tuesday, December 29th. Drexel Hamilton restated a “buy” rating and issued a $98.00 price objective on shares of Red Hat in a report on Wednesday, December 30th. JPMorgan Chase & Co. boosted their price objective on shares of Red Hat from $85.00 to $89.00 and gave the company an “overweight” rating in a report on Monday. Zacks Investment Research lowered shares of Red Hat from a “buy” rating to a “hold” rating in a report on Tuesday, November 24th. Finally, Mizuho restated a “buy” rating and issued a $88.00 price objective on shares of Red Hat in a report on Friday, November 6th.

In other Red Hat news, EVP Delisa Alexander sold 1,177 shares of the business’s stock in a transaction on Monday, October 19th. The stock was sold at an average price of $77.25, for a total transaction of $90,923.25. Following the completion of the transaction, the executive vice president now owns 56,002 shares in the company, valued at approximately $4,326,154.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Arun Oberoi sold 9,300 shares of the business’s stock in a transaction on Tuesday, December 22nd. The stock was sold at an average price of $80.81, for a total value of $751,533.00. Following the transaction, the executive vice president now owns 52,616 shares of the company’s stock, valued at approximately $4,251,898.96. The disclosure for this sale can be found here.

A hedge fund recently bought a new stake in Red Hat stock. ING Groep acquired a new position in Red Hat Inc (NYSE:RHT) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,530 shares of the open-source software company’s stock, valued at approximately $397,000.

Shares of Red Hat (NYSE:RHT) traded down 2.04% on Monday, reaching $81.12. 134,792 shares of the company’s stock traded hands. The firm’s 50 day moving average is $80.86 and its 200 day moving average is $77.40. The firm has a market capitalization of $14.83 billion and a P/E ratio of 78.76. Red Hat has a 52 week low of $62.43 and a 52 week high of $84.44.

Red Hat (NYSE:RHT) last announced its quarterly earnings results on Thursday, December 17th. The open-source software company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.02. The firm had revenue of $523.60 million for the quarter, compared to analyst estimates of $521.66 million. The company’s revenue was up 14.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.42 EPS. Analysts expect that Red Hat will post $1.86 earnings per share for the current fiscal year.

12 Month Chart for NYSE:RHT

Red Hat, Inc. is a provider of open source software solutions, using a community-powered approach to develop and offer operating system, virtualization, middleware, storage and cloud technologies. The Company employs an open source development model. The open source development model allows it to use the collective input, resources and knowledge of a global community of contributors who can collaborate to develop, maintain and enhance software because the human-readable source code for that software is publicly available and licenses permit modification. The Company distributes its software offerings under open source licenses that permit access to the software’s human-readable source code. The Company provides its software offerings primarily under annual or multi-year subscriptions as well as on-demand through cloud service providers.

 

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