Zacks Investment Management boosted its stake in Red Hat, Inc. (NYSE:RHT) by 1.4% during the third quarter, Holdings Channel reports. The institutional investor owned 88,857 shares of the open-source software company’s stock after buying an additional 1,215 shares during the period. Zacks Investment Management’s holdings in Red Hat were worth $7,182,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Acrospire Investment Management LLC boosted its position in Red Hat by 36.4% in the third quarter. Acrospire Investment Management LLC now owns 1,500 shares of the open-source software company’s stock valued at $121,000 after buying an additional 400 shares during the last quarter. Wunderlich Capital Managemnt bought a new position in Red Hat during the second quarter valued at approximately $137,000. Penserra Capital Management LLC boosted its position in Red Hat by 94.9% in the third quarter. Penserra Capital Management LLC now owns 1,783 shares of the open-source software company’s stock valued at $143,000 after buying an additional 868 shares during the last quarter. Cedar Capital LLC bought a new position in Red Hat during the third quarter valued at approximately $204,000. Finally, People s United Financial Inc. bought a new position in Red Hat during the third quarter valued at approximately $205,000. 96.84% of the stock is owned by institutional investors and hedge funds.
Shares of Red Hat, Inc. (NYSE:RHT) opened at 79.25 on Friday. The firm has a market capitalization of $14.13 billion, a P/E ratio of 60.50 and a beta of 1.44. The firm’s 50-day moving average is $74.31 and its 200 day moving average is $75.97. Red Hat, Inc. has a one year low of $63.01 and a one year high of $82.73.
Red Hat (NYSE:RHT) last issued its earnings results on Wednesday, December 21st. The open-source software company reported $0.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.03. The firm earned $615 million during the quarter. Red Hat had a return on equity of 20.57% and a net margin of 10.36%. The firm’s revenue was up 17.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.48 EPS. Equities research analysts predict that Red Hat, Inc. will post $2.27 earnings per share for the current year.
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Several research firms recently commented on RHT. Rosenblatt Securities reiterated a “buy” rating and set a $95.00 target price on shares of Red Hat in a research note on Monday, December 26th. JMP Securities reiterated an “outperform” rating and set a $93.00 target price (down from $97.00) on shares of Red Hat in a research note on Friday, December 23rd. Stifel Nicolaus cut shares of Red Hat from a “buy” rating to a “hold” rating and cut their target price for the company from $87.00 to $70.00 in a research note on Thursday, December 22nd. Jefferies Group LLC cut their target price on shares of Red Hat from $79.00 to $76.00 and set a “hold” rating for the company in a research note on Thursday, December 22nd. Finally, MKM Partners reiterated a “neutral” rating and set a $75.00 target price on shares of Red Hat in a research note on Thursday, December 22nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-two have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $86.40.
In other Red Hat news, EVP Delisa Alexander sold 1,365 shares of the business’s stock in a transaction dated Wednesday, January 18th. The stock was sold at an average price of $72.83, for a total transaction of $99,412.95. Following the completion of the transaction, the executive vice president now owns 55,450 shares of the company’s stock, valued at $4,038,423.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.76% of the stock is currently owned by insiders.
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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