Red Hat (RHT) Earns “Overweight” Rating from KeyCorp
KeyCorp reaffirmed their overweight rating on shares of Red Hat (NYSE:RHT) in a report issued on Monday. The firm currently has a $135.00 price objective on the open-source software company’s stock, up from their previous price objective of $125.00. KeyCorp also issued estimates for Red Hat’s Q2 2019 earnings at $0.67 EPS, Q3 2019 earnings at $0.66 EPS, Q4 2019 earnings at $0.71 EPS and FY2019 earnings at $2.51 EPS.
Several other research analysts have also recently weighed in on the company. Bank of America reissued an underperform rating and issued a $115.00 price objective on shares of Red Hat in a research report on Tuesday, October 24th. Deutsche Bank reissued a buy rating and issued a $130.00 price objective on shares of Red Hat in a research report on Monday, October 2nd. BTIG Research reissued a buy rating and issued a $120.00 price objective on shares of Red Hat in a research report on Wednesday, September 27th. Wells Fargo & Company reissued an outperform rating and issued a $124.00 price objective (up previously from $120.00) on shares of Red Hat in a research report on Wednesday, September 27th. Finally, Oppenheimer upped their price target on Red Hat from $105.00 to $125.00 and gave the company an outperform rating in a research report on Tuesday, September 26th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-four have given a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $111.86.
Shares of Red Hat (NYSE RHT) opened at $121.94 on Monday. Red Hat has a 1-year low of $68.54 and a 1-year high of $129.61. The stock has a market capitalization of $21,449.83, a price-to-earnings ratio of 66.10, a P/E/G ratio of 3.82 and a beta of 1.19. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.54.
Red Hat (NYSE:RHT) last posted its quarterly earnings data on Monday, September 25th. The open-source software company reported $0.77 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.10. Red Hat had a return on equity of 25.27% and a net margin of 11.49%. The business had revenue of $723.60 million for the quarter, compared to analysts’ expectations of $699.56 million. During the same quarter in the previous year, the firm earned $0.55 earnings per share. The business’s revenue was up 20.6% on a year-over-year basis. analysts forecast that Red Hat will post 2 EPS for the current fiscal year.
In other news, CEO James M. Whitehurst sold 12,000 shares of the stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $111.15, for a total transaction of $1,333,800.00. Following the transaction, the chief executive officer now directly owns 392,979 shares in the company, valued at approximately $43,679,615.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael A. Kelly sold 2,888 shares of the stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $121.03, for a total value of $349,534.64. Following the transaction, the insider now owns 8,751 shares in the company, valued at $1,059,133.53. The disclosure for this sale can be found here. Insiders sold a total of 34,172 shares of company stock worth $3,926,377 over the last 90 days. Corporate insiders own 0.66% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio boosted its holdings in Red Hat by 1.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 213,408 shares of the open-source software company’s stock valued at $23,658,000 after acquiring an additional 3,323 shares during the period. IFM Investors Pty Ltd purchased a new stake in Red Hat during the 3rd quarter valued at about $554,000. Neuberger Berman Group LLC purchased a new stake in Red Hat during the 3rd quarter valued at about $13,422,000. Wunderlich Capital Managemnt boosted its holdings in Red Hat by 330.6% during the 3rd quarter. Wunderlich Capital Managemnt now owns 9,831 shares of the open-source software company’s stock valued at $1,090,000 after acquiring an additional 7,548 shares during the period. Finally, Piedmont Investment Advisors LLC boosted its holdings in Red Hat by 385.5% during the 3rd quarter. Piedmont Investment Advisors LLC now owns 47,344 shares of the open-source software company’s stock valued at $5,249,000 after acquiring an additional 37,593 shares during the period. Hedge funds and other institutional investors own 93.85% of the company’s stock.
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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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