Today: Red Hat Inc. (RHT) Research Coverage Started at Rosenblatt Securities

Today: Red Hat Inc. (RHT) Research Coverage Started at Rosenblatt Securities

Investment analysts at Rosenblatt Securities started coverage on shares of Red Hat Inc. (NYSE:RHT) in a research report issued to clients and investors on Monday. The brokerage set a “buy” rating and a $95.00 price target on the open-source software company’s stock. Rosenblatt Securities’ price objective points to a potential upside of 20.54% from the stock’s current price.

Several other research analysts have also recently issued reports on the company. Zacks Investment Research cut Red Hat from a “buy” rating to a “hold” rating in a research note on Tuesday, November 22nd. Vetr raised Red Hat from a “hold” rating to a “buy” rating and set a $86.66 price target for the company in a research note on Monday, October 3rd. Mizuho reissued a “buy” rating and issued a $88.00 price target on shares of Red Hat in a research note on Friday, September 30th. MKM Partners reissued a “neutral” rating and issued a $75.00 price target on shares of Red Hat in a research note on Friday, September 23rd. Finally, Raymond James Financial Inc. reissued an “outperform” rating and issued a $90.00 price target (up previously from $85.00) on shares of Red Hat in a research note on Friday, September 23rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $89.49.

Red Hat (NYSE:RHT) opened at 78.81 on Monday. The stock has a market cap of $14.15 billion, a price-to-earnings ratio of 66.28 and a beta of 1.51. The firm’s 50-day moving average is $77.29 and its 200 day moving average is $75.60. Red Hat has a 52 week low of $59.59 and a 52 week high of $84.44.

Red Hat (NYSE:RHT) last released its quarterly earnings results on Wednesday, September 21st. The open-source software company reported $0.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.01. Red Hat had a return on equity of 18.93% and a net margin of 9.84%. The company earned $599.80 million during the quarter. During the same period in the previous year, the company posted $0.47 EPS. The company’s revenue for the quarter was up 19.0% compared to the same quarter last year. On average, equities research analysts expect that Red Hat will post $2.24 EPS for the current year.

In other Red Hat news, EVP Delisa Alexander sold 1,121 shares of the firm’s stock in a transaction that occurred on Tuesday, October 18th. The stock was sold at an average price of $77.00, for a total value of $86,317.00. Following the sale, the executive vice president now owns 57,356 shares of the company’s stock, valued at approximately $4,416,412. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Cunningham sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $80.42, for a total value of $1,206,300.00. Following the completion of the sale, the executive vice president now directly owns 37,484 shares in the company, valued at approximately $3,014,463.28. The disclosure for this sale can be found here. 0.76% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in RHT. Acrospire Investment Management LLC raised its stake 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 worth $121,000 after buying an additional 400 shares during the period. Wunderlich Capital Managemnt purchased a new stake in shares of Red Hat during the second quarter valued at $137,000. Fuller & Thaler Asset Management Inc. raised its stake in shares of Red Hat by 183.3% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 1,700 shares of the open-source software company’s stock valued at $137,000 after buying an additional 1,100 shares during the last quarter. Penserra Capital Management LLC raised its stake in shares of 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. Finally, Mizuho Asset Management Co. Ltd. raised its stake in shares of Red Hat by 125.8% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,393 shares of the open-source software company’s stock valued at $174,000 after buying an additional 1,333 shares during the last quarter. 94.49% of the stock is currently owned by hedge funds and other institutional investors.

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