Investors Buy Red Hat (RHT) on Weakness

Traders purchased shares of Red Hat Inc (NYSE:RHT) on weakness during trading on Thursday. $45.58 million flowed into the stock on the tick-up and $33.15 million flowed out of the stock on the tick-down, for a money net flow of $12.43 million into the stock. Of all companies tracked, Red Hat had the 30th highest net in-flow for the day. Red Hat traded down ($0.09) for the day and closed at $121.13

Several equities analysts have weighed in on RHT shares. Bank of America reissued an “underperform” rating and issued a $115.00 target price on shares of Red Hat in a research note on Tuesday, October 24th. Credit Suisse Group initiated coverage on Red Hat in a research report on Tuesday, September 5th. They set a “neutral” rating and a $111.00 price target on the stock. Moffett Nathanson initiated coverage on Red Hat in a research report on Wednesday, September 6th. They set a “buy” rating on the stock. KeyCorp reaffirmed an “overweight” rating and set a $121.00 price target on shares of Red Hat in a research report on Friday, September 8th. Finally, Zacks Investment Research raised Red Hat from a “hold” rating to a “buy” rating and set a $140.00 price target on the stock in a research report on Tuesday, December 5th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-two have assigned a buy rating to the company. Red Hat has a consensus rating of “Buy” and an average price target of $124.25.

The company has a quick ratio of 1.30, a current ratio of 1.37 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $21,420.00, a price-to-earnings ratio of 65.78, a PEG ratio of 3.67 and a beta of 1.19.

Red Hat (NYSE:RHT) last posted its quarterly earnings data on Tuesday, December 19th. The open-source software company reported $0.73 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.03. The business had revenue of $747.98 million during the quarter, compared to the consensus estimate of $734.69 million. Red Hat had a return on equity of 26.23% and a net margin of 12.14%. Red Hat’s quarterly revenue was up 21.6% on a year-over-year basis. During the same period last year, the company earned $0.61 earnings per share. analysts predict that Red Hat Inc will post 2.08 earnings per share for the current fiscal year.

In other Red Hat news, Director William S. Kaiser sold 14,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 5th. The stock was sold at an average price of $114.79, for a total value of $1,607,060.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael A. Kelly sold 2,888 shares of the firm’s stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $121.03, for a total value of $349,534.64. Following the completion of the transaction, the insider now owns 8,751 shares of the company’s stock, valued at $1,059,133.53. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,172 shares of company stock valued at $2,592,577. 0.66% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the business. Atlantic Trust Group LLC grew its stake in Red Hat by 3.6% in the third quarter. Atlantic Trust Group LLC now owns 89,844 shares of the open-source software company’s stock valued at $9,960,000 after purchasing an additional 3,144 shares in the last quarter. Parametric Portfolio Associates LLC boosted its stake in shares of Red Hat by 9.8% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 339,521 shares of the open-source software company’s stock worth $37,639,000 after acquiring an additional 30,228 shares during the period. Public Employees Retirement System of Ohio boosted its stake in shares of 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 worth $23,658,000 after acquiring an additional 3,323 shares during the period. IFM Investors Pty Ltd bought a new position in shares of Red Hat during the 3rd quarter worth approximately $554,000. Finally, Neuberger Berman Group LLC bought a new position in shares of Red Hat during the 3rd quarter worth approximately $13,422,000. Hedge funds and other institutional investors own 93.57% of the company’s stock.

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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.

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