Red Hat, Inc. (RHT) Earns Hold Rating from Jefferies Group LLC

Jefferies Group LLC reissued their hold rating on shares of Red Hat, Inc. (NYSE:RHT) in a research report sent to investors on Thursday morning.

RHT has been the subject of a number of other research reports. Deutsche Bank AG upped their price objective on shares of Red Hat from $100.00 to $110.00 and gave the stock a buy rating in a research report on Wednesday, June 21st. Oppenheimer Holdings, Inc. restated an outperform rating and set a $96.00 price objective (up previously from $94.00) on shares of Red Hat in a research report on Wednesday, May 10th. Mizuho cut their price objective on shares of Red Hat from $109.00 to $96.00 and set a buy rating for the company in a research report on Wednesday, June 21st. Drexel Hamilton upped their price objective on shares of Red Hat to $110.00 in a research report on Tuesday, March 28th. Finally, Stifel Nicolaus reaffirmed a hold rating and set a $83.00 price target (up from $70.00) on shares of Red Hat in a research note on Tuesday, March 28th. Nine research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. The company has a consensus rating of Buy and an average target price of $99.02.

Shares of Red Hat (NYSE:RHT) traded down 0.75% during mid-day trading on Thursday, hitting $97.45. 602,152 shares of the stock traded hands. Red Hat has a 12-month low of $68.54 and a 12-month high of $98.14. The firm has a market cap of $17.27 billion, a price-to-earnings ratio of 66.75 and a beta of 1.30. The firm’s 50 day moving average price is $88.93 and its 200 day moving average price is $82.49.

Red Hat (NYSE:RHT) last announced its quarterly earnings data on Tuesday, June 20th. The open-source software company reported $0.56 EPS for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.03. The company had revenue of $677 million during the quarter, compared to the consensus estimate of $647.42 million. Red Hat had a net margin of 10.54% and a return on equity of 22.84%. Red Hat’s quarterly revenue was up 19.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.50 EPS. On average, equities research analysts predict that Red Hat will post $2.68 EPS for the current fiscal year.

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In other news, EVP Delisa Alexander sold 311 shares of the stock in a transaction dated Wednesday, April 5th. The shares were sold at an average price of $85.75, for a total transaction of $26,668.25. Following the transaction, the executive vice president now directly owns 37,373 shares in the company, valued at approximately $3,204,734.75. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO James M. Whitehurst sold 12,000 shares of the stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $86.56, for a total transaction of $1,038,720.00. Following the transaction, the chief executive officer now owns 405,072 shares in the company, valued at $35,063,032.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 289,336 shares of company stock worth $25,558,492. Insiders own 0.66% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Columbia Partners L L C Investment Management bought a new position in shares of Red Hat during the first quarter valued at $1,274,000. Achmea Investment Management B.V. bought a new position in shares of Red Hat during the first quarter valued at $249,000. Bank of Nova Scotia raised its position in shares of Red Hat by 933.1% in the first quarter. Bank of Nova Scotia now owns 40,849 shares of the open-source software company’s stock valued at $3,533,000 after buying an additional 36,895 shares during the last quarter. Point72 Asia Hong Kong Ltd bought a new position in shares of Red Hat during the first quarter valued at $170,000. Finally, FNY Partners Fund LP bought a new position in shares of Red Hat during the first quarter valued at $389,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

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.

Analyst Recommendations for Red Hat (NYSE:RHT)

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