Red Hat Inc. (RHT) Rating Lowered to Buy at Vetr Inc.
Red Hat Inc. (NYSE:RHT) was downgraded by stock analysts at Vetr from a “strong-buy” rating to a “buy” rating in a note issued to investors on Tuesday. They currently have a $88.40 price objective on the open-source software company’s stock. Vetr‘s price target points to a potential upside of 11.74% from the company’s current price.
A number of other equities research analysts have also commented on RHT. Deutsche Bank AG restated a “buy” rating and set a $95.00 price objective on shares of Red Hat in a report on Saturday, August 13th. Mizuho restated a “buy” rating and set a $88.00 price objective on shares of Red Hat in a report on Wednesday, September 14th. Barclays PLC restated a “buy” rating and set a $90.00 price objective on shares of Red Hat in a report on Thursday, September 15th. BMO Capital Markets raised their price objective on shares of Red Hat from $85.00 to $89.00 and gave the stock an “outperform” rating in a report on Thursday, September 22nd. Finally, Jefferies Group restated a “hold” rating and set a $79.00 price objective (up from $75.00) on shares of Red Hat in a report on Thursday, September 22nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-five have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $89.55.
Red Hat (NYSE:RHT) opened at 79.11 on Tuesday. The firm has a market cap of $14.21 billion, a price-to-earnings ratio of 66.53 and a beta of 1.51. The firm’s 50-day moving average is $77.36 and its 200-day moving average is $75.75. Red Hat has a 52-week low of $59.59 and a 52-week high of $84.44.
Red Hat (NYSE:RHT) last issued its quarterly earnings data on Wednesday, September 21st. The open-source software company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.01. Red Hat had a net margin of 9.84% and a return on equity of 18.93%. The business had revenue of $599.80 million for the quarter. During the same quarter in the previous year, the business earned $0.47 earnings per share. The company’s revenue was up 19.0% on a year-over-year basis. Analysts forecast that Red Hat will post $2.24 EPS for the current fiscal year.
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In related news, Director General Henry Hugh Shelton sold 15,000 shares of Red Hat stock in a transaction that occurred on Friday, September 30th. The shares were sold at an average price of $80.70, for a total transaction of $1,210,500.00. Following the sale, the director now directly owns 9,026 shares of the company’s stock, valued at approximately $728,398.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Delisa Alexander sold 1,121 shares of Red Hat stock in a transaction that occurred on Tuesday, October 18th. The shares were sold at an average price of $77.00, for a total transaction of $86,317.00. Following the sale, the executive vice president now directly owns 57,356 shares in the company, valued at $4,416,412. The disclosure for this sale can be found here. Corporate insiders own 0.76% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Davis R M Inc. raised its stake in shares of Red Hat by 11.1% in the second quarter. Davis R M Inc. now owns 383,649 shares of the open-source software company’s stock valued at $27,853,000 after buying an additional 38,418 shares during the period. Gofen & Glossberg LLC IL bought a new stake in shares of Red Hat during the second quarter valued at about $2,969,000. Capstone Asset Management Co. raised its stake in shares of Red Hat by 13.4% in the second quarter. Capstone Asset Management Co. now owns 23,100 shares of the open-source software company’s stock valued at $1,677,000 after buying an additional 2,735 shares during the period. First Financial Corp IN raised its stake in shares of Red Hat by 1,309.6% in the second quarter. First Financial Corp IN now owns 11,488 shares of the open-source software company’s stock valued at $834,000 after buying an additional 10,673 shares during the period. Finally, First Western Capital Management Co bought a new stake in shares of Red Hat during the second quarter valued at about $937,000. 94.49% of the stock is currently owned by institutional investors.
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.
To view Vetr’s full report, visit Vetr’s official website.
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