Zacks Investment Management trimmed its position in Red Hat Inc (NYSE:RHT) by 22.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,958 shares of the open-source software company’s stock after selling 2,558 shares during the quarter. Zacks Investment Management’s holdings in Red Hat were worth $1,204,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of RHT. Mount Yale Investment Advisors LLC purchased a new position in shares of Red Hat in the first quarter worth $103,000. Migdal Insurance & Financial Holdings Ltd. increased its position in Red Hat by 16,350.0% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 987 shares of the open-source software company’s stock valued at $133,000 after purchasing an additional 981 shares during the period. Quad Cities Investment Group LLC purchased a new position in Red Hat during the 2nd quarter valued at $134,000. Summit Trail Advisors LLC increased its position in Red Hat by 17,117.4% during the 1st quarter. Summit Trail Advisors LLC now owns 137,395 shares of the open-source software company’s stock valued at $137,000 after purchasing an additional 136,597 shares during the period. Finally, Financial Architects Inc increased its position in Red Hat by 95.2% during the 2nd quarter. Financial Architects Inc now owns 1,025 shares of the open-source software company’s stock valued at $137,000 after purchasing an additional 500 shares during the period. 95.23% of the stock is currently owned by institutional investors.
RHT has been the topic of a number of research analyst reports. BMO Capital Markets reduced their price objective on shares of Red Hat from $192.00 to $177.00 and set a “market perform” rating on the stock in a research report on Wednesday, June 27th. Zacks Investment Research downgraded shares of Red Hat from a “buy” rating to a “hold” rating in a research report on Wednesday, June 27th. Raymond James downgraded shares of Red Hat from an “outperform” rating to a “market perform” rating and set a $84.00 price objective on the stock. in a research report on Tuesday, June 19th. Cowen reissued a “buy” rating and set a $165.00 price objective on shares of Red Hat in a research report on Tuesday, June 26th. Finally, Barclays boosted their price objective on shares of Red Hat from $160.00 to $166.00 and gave the company an “overweight” rating in a research report on Friday, September 7th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $158.03.
In other news, CEO James M. Whitehurst sold 9,513 shares of the company’s stock in a transaction dated Tuesday, July 17th. The shares were sold at an average price of $145.00, for a total value of $1,379,385.00. Following the sale, the chief executive officer now directly owns 374,286 shares of the company’s stock, valued at approximately $54,271,470. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James M. Whitehurst sold 44,472 shares of the company’s stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $142.56, for a total transaction of $6,339,928.32. Following the completion of the sale, the chief executive officer now directly owns 445,557 shares in the company, valued at $63,518,605.92. The disclosure for this sale can be found here. Insiders sold a total of 56,926 shares of company stock worth $8,145,758 over the last ninety days. Insiders own 0.58% of the company’s stock.
NYSE:RHT opened at $148.86 on Friday. The stock has a market capitalization of $26.94 billion, a PE ratio of 63.82, a price-to-earnings-growth ratio of 3.56 and a beta of 1.07. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.39. Red Hat Inc has a 1-year low of $104.51 and a 1-year high of $177.70.
Red Hat (NYSE:RHT) last released its earnings results on Thursday, June 21st. The open-source software company reported $0.72 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.03. The firm had revenue of $813.53 million for the quarter, compared to the consensus estimate of $807.48 million. Red Hat had a net margin of 9.77% and a return on equity of 30.40%. The company’s revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.56 EPS. analysts forecast that Red Hat Inc will post 2.56 EPS for the current fiscal year.
Red Hat declared that its Board of Directors has initiated a share buyback program on Thursday, June 21st that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the open-source software company to buy up to 4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
About Red Hat
Red Hat, Inc provides open source software solutions to develop and offer operating system, virtualization, management, middleware, cloud, mobile, and storage technologies to various enterprises worldwide. It offers infrastructure-related solutions, such as Red Hat Enterprise Linux, an operating system platform that runs on hardware for use in hybrid cloud environments; Red Hat Satellite, a system management offering that helps to deploy, scale, and manage in hybrid cloud environments; and Red Hat Enterprise Virtualization, a software solution that allows customers to utilize and manage a common hardware infrastructure to run multiple operating systems and applications.
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