Q2 2019 EPS Estimates for Red Hat Inc Lifted by Analyst (RHT)
Red Hat Inc (NYSE:RHT) – Equities researchers at KeyCorp lifted their Q2 2019 EPS estimates for shares of Red Hat in a research note issued on Sunday. KeyCorp analyst A. Kurtz now forecasts that the open-source software company will earn $0.67 per share for the quarter, up from their prior forecast of $0.64. KeyCorp has a “Overweight” rating and a $135.00 price target on the stock. KeyCorp also issued estimates for Red Hat’s Q3 2019 earnings at $0.66 EPS, Q4 2019 earnings at $0.71 EPS and FY2019 earnings at $2.51 EPS.
Red Hat (NYSE:RHT) last posted its quarterly earnings results on Monday, September 25th. The open-source software company reported $0.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.10. The firm had revenue of $723.60 million for the quarter, compared to the consensus estimate 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 was up 20.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.55 earnings per share.
A number of other research analysts have also recently issued reports on RHT. Zacks Investment Research cut Red Hat from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 22nd. Piper Jaffray Companies reissued a “hold” rating and set a $100.00 price objective on shares of Red Hat in a report on Sunday, August 27th. Credit Suisse Group started coverage on Red Hat in a report on Tuesday, September 5th. They set a “neutral” rating and a $111.00 price objective for the company. Moffett Nathanson started coverage on Red Hat in a report on Wednesday, September 6th. They set a “buy” rating for the company. Finally, JMP Securities lifted their price objective on Red Hat from $107.00 to $122.00 and gave the company an “outperform” rating in a report on Wednesday, September 13th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $111.86.
Shares of Red Hat (NYSE:RHT) traded up $1.07 during midday trading on Tuesday, hitting $121.94. The company’s stock had a trading volume of 1,988,076 shares, compared to its average volume of 1,660,271. The company has a market capitalization of $21,449.83, a PE ratio of 66.10, a PEG ratio of 3.82 and a beta of 1.19. Red Hat has a 12 month low of $68.54 and a 12 month high of $129.61. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.30 and a current ratio of 1.30.
In related news, insider Michael A. Kelly sold 2,888 shares of Red Hat 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William S. Kaiser sold 14,000 shares of Red Hat stock in a transaction dated Thursday, October 5th. The stock was sold at an average price of $114.79, for a total value of $1,607,060.00. The disclosure for this sale can be found here. Insiders sold 34,172 shares of company stock valued at $3,926,377 over the last ninety days. 0.66% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio increased its position in Red Hat by 1.6% in the third quarter. Public Employees Retirement System of Ohio now owns 213,408 shares of the open-source software company’s stock worth $23,658,000 after purchasing an additional 3,323 shares during the period. IFM Investors Pty Ltd acquired a new stake in Red Hat in the third quarter worth about $554,000. Neuberger Berman Group LLC acquired a new stake in Red Hat in the third quarter worth about $13,422,000. Wunderlich Capital Managemnt increased its position in Red Hat by 330.6% in the third quarter. Wunderlich Capital Managemnt now owns 9,831 shares of the open-source software company’s stock worth $1,090,000 after purchasing an additional 7,548 shares during the period. Finally, Piedmont Investment Advisors LLC increased its position in Red Hat by 385.5% in the third quarter. Piedmont Investment Advisors LLC now owns 47,344 shares of the open-source software company’s stock worth $5,249,000 after purchasing an additional 37,593 shares during the period. Hedge funds and other institutional investors own 93.85% of the company’s stock.
About Red Hat
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.
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