Analysts predict that Red Hat, Inc. (NYSE:RHT) will report earnings of $0.47 per share for the current quarter, according to Zacks. Eight analysts have made estimates for Red Hat’s earnings, with the lowest EPS estimate coming in at $0.46 and the highest estimate coming in at $0.48. Red Hat reported earnings per share of $0.37 in the same quarter last year, which would suggest a positive year over year growth rate of 27%. The company is scheduled to issue its next earnings report on Wednesday, September 20th.
According to Zacks, analysts expect that Red Hat will report full year earnings of $1.88 per share for the current year, with EPS estimates ranging from $1.84 to $1.91. For the next fiscal year, analysts expect that the business will report earnings of $2.25 per share, with EPS estimates ranging from $2.13 to $2.34. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side analysts that follow Red Hat.
Red Hat (NYSE:RHT) last posted its quarterly earnings results on Tuesday, June 20th. The open-source software company reported $0.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.03. Red Hat had a net margin of 10.54% and a return on equity of 22.84%. The business had revenue of $677 million during the quarter, compared to analyst estimates of $647.42 million. During the same period in the previous year, the business posted $0.50 EPS. The company’s quarterly revenue was up 19.2% on a year-over-year basis.
RHT has been the subject of a number of recent research reports. Cowen and Company reduced their target price on shares of Red Hat from $82.00 to $80.00 and set an “outperform” rating for the company in a research report on Tuesday, March 21st. Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $105.00 target price (up previously from $96.00) on shares of Red Hat in a research report on Thursday, June 22nd. William Blair reissued an “outperform” rating on shares of Red Hat in a research report on Wednesday, March 22nd. Piper Jaffray Companies assumed coverage on Red Hat in a research note on Friday. They issued a “neutral” rating and a $100.00 price target for the company. Finally, Drexel Hamilton reaffirmed a “buy” rating and issued a $105.00 price target on shares of Red Hat in a research note on Friday, March 24th. Nine investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. Red Hat presently has an average rating of “Buy” and an average price target of $99.02.
Red Hat (RHT) traded down 2.23% on Tuesday, reaching $96.00. 2,363,055 shares of the company’s stock were exchanged. The firm has a market capitalization of $17.02 billion, a price-to-earnings ratio of 65.75 and a beta of 1.30. Red Hat has a 12 month low of $68.54 and a 12 month high of $98.14. The firm has a 50-day moving average of $88.93 and a 200-day moving average of $82.49.
In related news, Director William S. Kaiser sold 25,000 shares of the stock in a transaction on Friday, March 31st. The stock was sold at an average price of $86.04, for a total value of $2,151,000.00. Following the completion of the sale, the director now directly owns 120,458 shares of the company’s stock, valued at approximately $10,364,206.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Paul J. Cormier sold 26,462 shares of the stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $91.57, for a total value of $2,423,125.34. Following the completion of the sale, the executive vice president now directly owns 189,578 shares of the company’s stock, valued at $17,359,657.46. The disclosure for this sale can be found here. Insiders sold a total of 289,336 shares of company stock valued at $25,558,492 over the last three months. 0.66% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. Bessemer Group Inc. raised its stake in Red Hat by 55.2% in the fourth quarter. Bessemer Group Inc. now owns 3,687 shares of the open-source software company’s stock worth $257,000 after buying an additional 1,311 shares during the last quarter. Oxford Asset Management raised its stake in Red Hat by 51.4% in the fourth quarter. Oxford Asset Management now owns 28,433 shares of the open-source software company’s stock worth $1,982,000 after buying an additional 9,655 shares during the last quarter. TCW Group Inc. raised its stake in Red Hat by 13.8% in the fourth quarter. TCW Group Inc. now owns 20,119 shares of the open-source software company’s stock worth $1,402,000 after buying an additional 2,438 shares during the last quarter. Marshall Wace LLP raised its stake in Red Hat by 19.8% in the fourth quarter. Marshall Wace LLP now owns 41,184 shares of the open-source software company’s stock worth $2,871,000 after buying an additional 6,801 shares during the last quarter. Finally, Elkfork Partners LLC bought a new stake in Red Hat during the fourth quarter worth approximately $328,000. 95.49% of the stock is owned by institutional investors and hedge funds.
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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